Former Armenian Minister of Justice Arpine Hovhannisyan has warned about a new crypto fraud scheme. It has become increasingly widespread in Armenia in recent months.
According to her, the scheme has been especially active over the past two months. Funds are transferred through several crypto wallets opened on the international Binance platform. The final cash-out takes place in Ukraine.
Hovhannisyan said the issue came to her attention after another, notably “successful,” fraud case. The victim was a healthcare system employee. Scammers contacted the person via WhatsApp or Viber.
How the fraud scheme works
Hovhannisyan explains that scammers pose as supposedly trustworthy figures. They may claim to be officers of the National Security Service, representatives of the Central Bank, or other law enforcement officials. In some cases, they pretend to act on behalf of a close family member to build trust.
The caller or message sender convinces the victim that their funds are at risk. Scammers claim the money could be “frozen” as part of anti-money laundering or counter-terrorism measures. To avoid this, victims are urged to act immediately.
Victims are instructed to withdraw cash, convert it into cryptocurrency, and transfer it to a specific crypto wallet. At the same time, scammers warn them not to mention law enforcement agencies or the Central Bank. Instead, they insist that the advice came from a “family member.”
The scheme is constantly evolving
According to Hovhannisyan, scammers previously relied heavily on crypto ATMs. This channel has largely been blocked due to increased oversight by device operators.
Today, fraudsters mainly use crypto exchange points. They continuously modify and refine the scheme to make it more convincing and increase the chances of success.
“If someone is told that a National Security Service officer is calling, they may become suspicious. But when they are told that their son or daughter asked for this, trust increases significantly,” Hovhannisyan notes. The scheme relies precisely on this psychological pressure.