BELGIAN INVESTORS LOST $12M TO CRYPTO AND FOREX SCAMS LAST YEAR

Last updated: June 19, 2025, 20:21 | Written by: Raoul Pal

Imagine seeing an advertisement promising unbelievable returns on cryptocurrency or forex investments.Sounds tempting, right? Losses due to crypto scams are on the rise in Belgium. Belgium's financial watchdog has reported scammers stole up to $12 million from investor in the country using fraudulent ads.Unfortunately, for many Belgian investors last year, that temptation turned into a nightmare. Belgium s financial watchdog has reported scammers stole up to $12 million from investor in the country using fraudulent ads. In an Oct. 5 warning from the Financial Services and Markets Authority (FSMA), the watchdog estimated that investors in Belgium had lost at least 10 million euros roughlyA staggering $12 million was lost to crypto and forex scams, fueled by fraudulent advertisements and sophisticated tactics designed to lure unsuspecting individuals.The Belgian Financial Services and Markets Authority (FSMA), the country's financial watchdog, issued a stark warning on October 5th after witnessing a dramatic surge in these scams, estimating investor losses to be at least 10 million euros.This alarming figure underscores the growing prevalence of these fraudulent schemes and the urgent need for increased awareness and preventative measures.These scams are not just a financial blow; they can also have devastating emotional and psychological consequences for the victims.We'll delve into the details of these scams, how they operate, and what you can do to protect yourself from becoming the next victim of these increasingly sophisticated fraudsters.

The Rising Tide of Crypto and Forex Scams in Belgium

Belgium has seen a significant increase in cryptocurrency and forex scams in recent years. Read here:The allure of quick profits, combined with the complexity of these markets, makes them fertile ground for fraudsters.The FSMA's warnings highlight the severity of the situation, emphasizing that these scams are becoming more sophisticated and harder to detect. Belgian investors lost $12M to crypto forex scams last year by clicking on ads Octo, Last edit: Octo, by Charles-TimThese scams often exploit the general lack of understanding surrounding digital assets and foreign exchange trading, making it easier for scammers to manipulate and deceive potential investors.

How Scammers Operate

Scammers typically use a variety of tactics to lure victims into their traps. 79K subscribers in the Crypto_General community. All Things Crypto! Financial News and the Minerals needed to keep the Internet On.These can include:

Fraudulent Advertisements: These ads often appear on social media platforms, search engines, and even legitimate websites, promising guaranteed returns and risk-free investments.
Impersonation: Scammers may impersonate legitimate financial institutions or investment advisors to gain the trust of their victims. 8.1M subscribers in the CryptoCurrency community. The leading community for cryptocurrency news, discussion, and analysis.They may use fake websites, email addresses, and phone numbers to create the illusion of legitimacy.
High-Pressure Sales Tactics: Scammers often use high-pressure sales tactics to rush victims into making quick decisions.They may create a sense of urgency or scarcity to prevent victims from taking the time to research the investment opportunity.
Ponzi Schemes: These schemes pay returns to earlier investors using funds from new investors, creating the illusion of profitability.Eventually, the scheme collapses when it becomes impossible to recruit new investors.
Pump and Dump Schemes: Scammers artificially inflate the price of a cryptocurrency or stock through misleading positive statements, and then sell their own holdings at a profit, leaving other investors with losses.

The Role of Social Media

Social media platforms have become a breeding ground for crypto and forex scams. Belgium s financial watchdog has reported scammers stole up to $12 million from investor in the country using fraudulent ads. In an Oct. 5 warning froThe ease of creating fake profiles and running targeted advertisements makes it easy for scammers to reach a large audience. Menu. Home; Bitcoin Chart; Cryptocurrency News; Cryptocurrency Software; Privacy PolicyIt is also important to note that these scams also happen through direct messaging, such as WhatsApp or Telegram. Losses due to crypto scams are on the rise in Belgium. Belgium s financial watchdog has reported scammers stole up to $12 million from investor in the country using fraudulent ads. In an Oct. 5 warning from the Financial Services and Markets Authority (FSMA), the watchdog estimated that investors in Belgium had lost at least 10 MoreThe anonymity offered by these platforms also makes it difficult to track down and prosecute scammers.

Consider the example of a fake cryptocurrency advertisement on Facebook promising a guaranteed 20% monthly return. 6.7M subscribers in the CryptoCurrency community. The leading community for cryptocurrency news, discussion, and analysis.An unsuspecting user clicks on the ad, is directed to a professional-looking website, and is then contacted by a ""financial advisor"" who pressures them to invest quickly.This is a classic example of how scammers use social media to lure victims.

Understanding the $12 Million Loss

The $12 million lost by Belgian investors is not just a number; it represents real people losing their hard-earned savings.The victims of these scams come from all walks of life, and the financial impact can be devastating.These losses can lead to financial hardship, stress, and even mental health problems.

Who are the Victims?

While anyone can fall victim to a scam, certain groups may be more vulnerable. According to the Belgian financial watchdog, fraudsters stole approximately $12 million from the country s investors using fraud advertisements. Financial Services and Markets Authority (FSMA) warned on October 5 after witnessing a 10-million euros.These include:

Individuals new to crypto and forex investing: Those with limited knowledge of these markets are more likely to be misled by fraudulent advertisements and high-pressure sales tactics.
Elderly individuals: Older adults may be more trusting and less familiar with online scams.
Individuals seeking quick returns: Those who are looking for a way to make a lot of money quickly may be more susceptible to scams that promise unrealistic profits.

The Impact of the Losses

The financial losses associated with these scams can have a profound impact on the victims' lives. Belgium s Federal Public Service estimated in 2025 that investors lose about $152M to crypto scams annually Please note, this is a STATIC archive of website cointelegraph.com from, cach3.com does not collect or store any user information, there is no phishing involved.In addition to the immediate financial hardship, victims may also experience:

Emotional distress: Victims may feel ashamed, embarrassed, and angry. Belgian investors lost $12M to crypto and forex scams last yearThey may also experience feelings of anxiety and depression.
Relationship problems: Financial losses can put a strain on relationships with family and friends.
Legal problems: Some victims may face legal problems if they were involved in illegal activities as part of the scam.

FSMA's Warning and Regulatory Efforts

The FSMA has been actively working to combat crypto and forex scams in Belgium. Belgian investors lost $12M to crypto and forex scams last year . PANews ｜ 0:01. Losses due to crypto scams are on the rise in Belgium.In addition to issuing warnings to investors, the FSMA has also been working with law enforcement agencies to investigate and prosecute scammers. Crypto and foreign exchange scams are increasing in Belgium. Investors lost $12 million due to fake advertisements. Let s take a look at what the reports say.The October 5th warning was just one of many steps taken to raise awareness and protect investors.

FSMA's Recommendations

The FSMA has issued a number of recommendations to help investors protect themselves from crypto and forex scams.These include:

Be wary of unsolicited offers: Be skeptical of any unsolicited offers to invest in crypto or forex, especially if they promise guaranteed returns.
Do your research: Before investing in anything, take the time to do your research and understand the risks involved.
Check the company's credentials: Verify that the company is licensed and registered with the appropriate regulatory authorities.
Be wary of high-pressure sales tactics: Don't be rushed into making a quick decision.Take the time to consider the investment carefully.
Don't invest more than you can afford to lose: Never invest more money than you can afford to lose, especially in high-risk investments like crypto and forex.
Report suspicious activity: If you suspect that you have been targeted by a scam, report it to the FSMA and the police.

The Fight Against Scams: A Multi-Pronged Approach

Combating crypto and forex scams requires a coordinated effort from regulatory bodies, law enforcement agencies, and the public. The Real Housewives of Atlanta The Bachelor Sister Wives 90 Day Fiance Wife Swap The Amazing Race Australia Married at First Sight The Real Housewives of Dallas My 600-lb Life Last Week Tonight with John OliverThe FSMA's efforts are crucial, but individual investors also have a responsibility to protect themselves by being informed and vigilant.

Real-Life Examples of Crypto and Forex Scams in Belgium

Understanding how these scams operate in practice is essential for preventing them.Here are a few examples of crypto and forex scams that have targeted Belgian investors:

Example 1: The Social Media Influencer Scheme

A popular social media influencer promotes a new cryptocurrency on their platform, claiming it's the next big thing and guaranteeing massive returns. Belgium s financial watchdog has reported scammers stole up to $12 million from investor in the country using fraudulent ads.Unbeknownst to their followers, the influencer is being paid by the creators of the cryptocurrency to promote it, and the cryptocurrency itself is a worthless token.Many followers invest, driving up the price temporarily, but the creators then sell their holdings at a profit, leaving the investors with significant losses. Losses due to crypto scams are on the rise in Belgium. Belgium s financial watchdog has reported scammers stole up to $12 million from investor in the country using fraudulent ads. In an Oct. 5 warning from the Financial Services and Markets Authority (FSMA), the watchdog estimated that investors in Belgium had lost at least 10 million eurosThis is a classic ""pump and dump"" scheme facilitated by social media.

Example 2: The Fake Trading Platform

A Belgian investor is lured to a sophisticated-looking online trading platform that offers access to forex markets.The platform appears legitimate, with real-time price charts and the ability to execute trades.However, the platform is entirely fake.The investor deposits funds, makes some ""successful"" trades (which are simulated by the scammers), and then attempts to withdraw their profits.The scammers then invent excuses to prevent the withdrawal, such as requiring additional fees or taxes.Eventually, the investor realizes that their money is gone.

Example 3: The Romance Scam with Crypto Twist

An individual meets someone online through a dating app.After building a relationship, the ""romantic partner"" starts talking about cryptocurrency investments and how they've made a lot of money.They encourage the victim to invest in a specific cryptocurrency, often through a shady platform.The victim, trusting their partner, invests a significant amount of money, only to discover that the platform is a scam and their partner disappears with their funds.

Protecting Yourself from Crypto and Forex Scams: Practical Advice

While the landscape of scams is constantly evolving, some basic principles can help you protect yourself.It is important to remember the age-old saying that if something sounds too good to be true, it probably is.Also, keep in mind that knowledge is power.

Due Diligence is Key

Before investing in anything, it is crucial to do your due diligence.This includes:

Researching the company: Verify the company's credentials, check its registration with regulatory authorities, and look for any negative reviews or complaints.
Understanding the investment: Make sure you fully understand the risks involved before investing.If you don't understand something, don't invest.
Seeking independent advice: Consult with a qualified financial advisor before making any investment decisions.

Recognizing Red Flags

Be aware of the red flags that can indicate a scam:

Guaranteed returns: No investment can guarantee returns.Be wary of anyone who promises guaranteed profits.
High-pressure sales tactics: Scammers often use high-pressure sales tactics to rush you into making a quick decision.
Unsolicited offers: Be skeptical of unsolicited offers to invest in crypto or forex, especially if they come from unknown sources.
Complex investment strategies: Be wary of investments that are overly complex or difficult to understand.
Requests for personal information: Never share your personal financial information with anyone you don't trust.

Staying Informed and Updated

The world of crypto and forex is constantly changing, so it's important to stay informed about the latest scams and trends.Follow reputable financial news sources, subscribe to alerts from regulatory bodies like the FSMA, and be cautious about information you find on social media.

The Future of Crypto and Forex Scams: What to Expect

Unfortunately, crypto and forex scams are likely to continue to be a problem in the future.As technology evolves and the popularity of these markets grows, scammers will continue to find new and innovative ways to defraud investors.

The Evolving Tactics of Scammers

We can expect scammers to continue to refine their tactics, using increasingly sophisticated technology and psychological manipulation to lure victims.This might involve:

Deepfakes and AI: Scammers may use deepfake technology to create fake videos of celebrities or financial experts endorsing fraudulent investments.
More sophisticated phishing attacks: Phishing emails and websites will become more convincing, making it harder to distinguish them from legitimate sources.
Targeted attacks: Scammers may use data breaches and personal information to launch highly targeted attacks on individuals.

The Need for Continued Vigilance

Protecting yourself from crypto and forex scams requires a constant effort to stay informed, be vigilant, and exercise caution.By understanding how these scams operate and taking the necessary precautions, you can significantly reduce your risk of becoming a victim.

What To Do If You've Been Scammed

If you suspect that you have been a victim of a crypto or forex scam, it's crucial to take immediate action.Here's what you should do:

Report the scam: File a report with the FSMA and your local police.Provide as much detail as possible about the scam, including the names of the individuals or companies involved, the amount of money you lost, and any communications you had with the scammers.
Contact your bank: If you transferred money to the scammers through your bank, contact your bank immediately and ask them to investigate the transaction.They may be able to recover some of your funds.
Change your passwords: Change your passwords for all of your online accounts, including your email, social media, and bank accounts.
Monitor your credit report: Keep a close eye on your credit report for any signs of identity theft.
Seek professional help: Consider seeking professional help from a financial advisor or therapist.The emotional and financial impact of being scammed can be significant, and it's important to have support.

Conclusion: Staying Safe in the World of Crypto and Forex

The $12 million loss suffered by Belgian investors last year serves as a stark reminder of the dangers of crypto and forex scams.While these markets offer the potential for high returns, they also carry significant risks.By understanding how these scams operate, being vigilant, and following the advice of regulatory bodies like the FSMA, you can significantly reduce your risk of becoming a victim.Remember to always do your due diligence, be wary of unsolicited offers, and never invest more than you can afford to lose.The key takeaways are: knowledge is your best defense, skepticism is essential, and reporting suspicious activity helps protect others.Staying informed and cautious is essential for navigating the complex and ever-evolving world of cryptocurrency and foreign exchange.Protect yourself, protect your savings, and report any suspicious activity to help combat these devastating scams.Before making any investments in these markets, always consult with a qualified financial advisor.