Abu Dhabi Police warn over cryptocurrencies promising instant wealth

Force urges people to report 'get rich quick' schemes

Authorities have urged people to be cautious. Reuters

Abu Dhabi Police have warned people to beware of fake cryptocurrency schemes promising instant wealth.

The force on Monday called on people not to be duped by adverts promising quick and easy financial gains.

People should report any cases to 8002626 or send a text message to 2828.

The issue has been highlighted by UAE authorities before. Dubai in May also warned about cryptocurrency fraud after false statements linking it to the Dubai Coin were circulated.

Cryptocurrency scams have been reported in countries across the world.

Six people were arrested over a €30 million ($36.2m) cryptocurrency scam in May that targeted hundreds of people across Europe.

German police launched an investigation into a gang after citizens reported losses of €7m from the investment fraud.