In an offline bitcoin trade gone wrong, two men who engaged in a peer-to-peer transaction to sell bitcoin have been duped by the buyer, a conman who swapped a whole lot of wastepaper purporting to be cash, for the cryptocurrency.
The two Belarussian citizens agreed to swap 500 bitcoins for about €400,000 (approx. $430,000) with a single buyer, at a pub near the center of Como, a lakeside city in Italy. Having arrived in Como specifically for the trade, the two sellers asked the buyer to prove that his interest in the transaction was legitimate. To this, the buyer opened a suitcase full of cash, supposedly fill the tune of €400,000.
Upon sighting the cash, the sellers then used their laptop to transfer their bitcoins over to a wallet address provided by the buyer. The lunchtime con was complete with lunch between the scammer and his victims, who concluded the transaction with a handshake.
After the buyer took leave, leaving his suitcase behind with the sellers, the two Belarussian citizens made the stinging discovery. As one report