Beware of Cryptocurrency Scams: New Jersey Resident Loses $289K in Bitcoin for Fake Gold

A Shocking Scam in New Jersey

A New Jersey resident became a victim of a sophisticated scam, paying nearly $300,000 worth of Bitcoin to two European men in exchange for counterfeit gold.

The Alleged Fraudsters

The suspects, Ciprian A. Tiber (33) and Ahmed Zarei (43), both from Romania, face two counts of money laundering and one count of theft by deception. As of now, they remain at large following the issuance of arrest warrants on October 25.

The Deceptive Transaction

In September 2023, the two men met the victim in Bergen County to discuss selling gold coils. The victim transferred approximately 11 Bitcoins, valued at around $289,000 at the time, only to find out later that the gold coils were fake.

Tracing the Funds

Investigators traced the transaction and discovered that the Bitcoin was sent to a crypto wallet owned by Tiber and Zarei, who allegedly transferred the funds to various cryptocurrency exchanges under fake names.

A Warning from Authorities

Bergen County Prosecutor Mark Musella emphasized the difficulty in detecting cryptocurrency scams but reassured the community that investigators are committed to exposing such schemes.

Call for Information

The Bergen County Prosecutor’s Office urges anyone with information about the whereabouts of Tiber and Zarei to contact their tip line at 201-226-5532.