Cardiff Man Exploits Social Media to Run £124,000 Crypto Scam

Haroon Zaman, 23, used hacked social media accounts to orchestrate a cryptocurrency fraud that stole more than £124,000 from 17 victims. His approach combined technical skill with manipulation of online trust, turning ordinary networks into avenues for financial deception.

From 2021 to 2023, Zaman gained access to victims’ accounts and promoted fake cryptocurrency investment opportunities to their contacts. Messages appeared to come from trusted friends or family, which convinced recipients to transfer funds under the promise of risk-free returns. In reality, no legitimate investments existed, and the money was diverted to fund personal expenses, including luxury items and other discretionary spending.

The scam illustrates how digital identities can be weaponized. Even relatively small networks of victims can produce significant gains when social engineering and technical intrusion intersect. By leveraging trust inherent in online connections, Zaman amplified the credibility of his scheme and minimized early suspicion.

This case also reflects broader trends in online financial crime. Social media platforms, cryptocurrency wallets, and digital communication tools provide fraudsters with both reach and opacity. Stolen funds can move quickly, and victims may have little recourse once transfers are made. The combination of personal connection, technical manipulation, and promises of high returns creates a potent environment for targeted deception.

While the total amount may not rival large-scale Ponzi schemes, the operation demonstrates how focused, digitally mediated scams can cause severe financial harm and erode confidence in online investment opportunities. Zaman’s conviction highlights the persistent challenge of protecting users in an increasingly networked and crypto-enabled financial landscape, where technical exploits and psychological manipulation continue to evolve.