The crypto-king Yousuf Dadvan and the German crypto-scam

His name is Dadvan Yousuf, but the 22-year-old is known by many as “Krypto King”. The Financial Markets Authority and the public prosecutor’s office in Bern are now investigating him because his story seems to be a pure money grab. Do you look familiar? This is not an isolated case, for the world of cryptocurrencies defies hackers and scammers. For this reason, we present you with the most well-known scams in German crypto history.

The cryptocurrency king Yousuf Dadvan posed as a refugee from Iraq, who sold his toys in Switzerland at the age of 11, and which Gwinn invested in Bitcoin. This made him a real crypto celebrity in Switzerland. The major Swiss newspapers report on him, and even the SRF.

Kryptokongen Dadvan Yousuf. An image from SRF.

In addition, the crypto-celebrity launched its own cryptocurrency in 2021. Called Dohrnii, it aims to provide a platform for beginners to learn about crypto in order to become as rich as the king. Exactly how much money the self-proclaimed billionaire earned is unclear.

But his story seems to have gaps. For example, he said he bought bitcoin on Mt. The Gox Stock Exchange in 2011 using its father’s credit card. However, that was not possible at the time. The prices and information he provided about his apprenticeship also raise questions that SRF has now revealed.

The crypto-king also erroneously claimed to have a license from Finma (Swiss Financial Market Authority). Finma has been investigating the case for several weeks. In addition, the public prosecutor in the canton of Bern is now investigating Yousuf Dadvan. The reason for this procedure is the suspicion of money laundering.

The crypto king personally sees it differently. He describes the events of the last few weeks as the greatest witch hunt in Swiss history. The goal is the young entrepreneur himself.

However, Dadvan Yousuf’s story is not unique: as we already know, scams, hacks and exploits are ubiquitous in the world of cryptocurrency. Here are three more crypto scams from German-speaking countries.

Sophia Thomalla is promoting a dubious crypto project

The actress, model, host and IT girl promoted a dubious crypto project called G999 in 2020. The company’s CEO and former Karatbars chairman Josip Heit had previous experience with crypto fraud: Among other things, the Karatbit Foundation was banned from offering its product (cryptocurrency covered of gold) in Germany. In addition, he must have had extensive contact with Alex Brodi, who has been linked to alleged mafia activities and forced prostitution.

The Swiss company Envion raises USD 100 million

Envion Mining AG is one of the biggest scams in ICO’s history. In 2017, the Swiss company raised as much as $ 100 million from investors. They promised to make Bitcoin mining environmentally friendly by inventing mobile mining rigs that could be placed near cheap green electricity at any time. However, the promise was never implemented and in 2018, the company was torn apart by a legal dispute. The company has since been dissolved, but investors have not yet been compensated.

The crypto queen of the crypto king: Ruja Ignatova

She was born in Bulgaria and moved as a 10-year-old to Germany, where she repeatedly came in contact with the authorities due to fraud. Her most famous case was the crypto project OneCoin, which raised a whopping $ 4 billion from investors in 2014-2017. The project was a snowball or multilevel marketing system and thrived on customers becoming sales partners and thus attracting more customers. OneCoin’s goal was to become the “next bitcoin”. It did not succeed, however, because today the crypto queen is on the run and is wanted worldwide for money laundering, postal fraud and securities fraud.

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