Dubai Court Orders Dh4.3 Million Payout in Elaborate Crypto Scam
A Dubai court has mandated a Dh4.3 million ($1.17 million) compensation payment from a convicted fraudster in a cryptocurrency scam case. The ruling establishes digital assets as protected property under UAE law, setting a precedent for future crypto-related litigation.
The defendant, working with a fugitive accomplice, executed an audacious bait-and-switch scheme. Posing as investment representatives, the pair lured a victim with promises of business financing before substituting a hardware wallet containing cryptocurrency keys with a decoy box during a meeting.
This case underscores Dubai's hardening stance against crypto fraud as the emirate positions itself as a digital asset hub. The judgment comes amid increasing regulatory scrutiny of cryptocurrency transactions across Gulf Cooperation Council markets.
