A 30-year-old crypto trader in Belarus has allegedly been using the funds of investors to gamble.

The amount of investor money he has allegedly lost to gambling is over 1 million Belarusian rubles ($293,387).

The police believe he has been presenting himself as a crypto expert and had been using telegram to lure in numerous victims.

A criminal case has already been filed against him, where the unnamed man has had charges of a large fraud brought up against him.

The investigation is still ongoing, meanwhile the Investigative Committee has continuously been searching for any additional victims.

10 victims of the alleged fraud have stepped forward and spoken up.

Victim After Victim

The first client he had convinced to invest in crypto was a 37-year-old woman he had met on the internet in 2024.

However the project had eventually turned out to be a scam and even though he had been kept to his word in the beginning the money was still gone,

After that he had told the woman that if she invested further she would get her money back.

However without realising she had actually been fueling his gambling.

In order to cover up the continuously expanding debts, and realising that he would not be able to pay back the money, he approached another person online.

This time, he had a 26-year-old convinced using the same scheme, whereby he would invest in crypto using the man’s money and would pay him back with interest.

After interrogation, he admitted to authorities that he’d hoped to win big at the casino to pay the investors.

He had at least 10 people scammed, where he would convince someone to invest in “crypto”, then gamble the money away or settle debts, which he would follow up with finding another person to convince.

The man even had his girlfriend take out a car loan just so he could pay back some of the money he owed.

Investigating authorities have revealed that in total he had had only 1 successful investment during the whole period.