ISF members in front of a detention center in Beirut, Aug. 7, 2022. (Credit: Anwar Amro/AFP)
BEIRUT — The Internal Security Forces (ISF) warned on Friday of a "criminal network" that has been stealing money from people by tricking them into buying cryptocurrency.
"Recently, several people have been victims of a criminal network that carries out fraudulent acts … by communicating with them via WhatsApp and Telegram and tricking them into [buying Tether] (USDT), [which is a type of cryptocurrency]," reads a statement published by the ISF on Friday.
According to the ISF, the network has stolen money from people without providing them with USDT.
Finally, the ISF asked those who have been victims of such operations to contact the ISF's information division on the hotline (1788) to provide them with information.
The Lebanese central bank prohibits banks in the country from dealing with cryptocurrency platforms. As a result, banks' customers cannot use their payment cards to acquire cryptocurrencies.
As an alternative to banks, people are buying crypto in Lebanon by going to local offices and paying for it with cash.
Cryptocurrencies are seen by some users as a safer alternative means of payment in the context of the ongoing financial crisis in Lebanon, which saw a severe depreciation of the national currency and ad hoc decisions by commercial banks to impost capital controls on depositors' accounts.