Dubai Court Orders Dh4.3M Payout in Crypto Wallet Swap Fraud Case
A Dubai court has sentenced a woman to jail and deportation while ordering a Dh4.3 million ($1.17M) payout to a victim of a sophisticated crypto wallet swap scam. The ruling establishes precedent by recognizing digital assets as protected property under UAE law.
The fraud occurred during a business meeting where the perpetrator used a prepared device to execute unauthorized transfers of nearly $1 million in cryptocurrency holdings. Court documents reveal the scheme was orchestrated by the woman's husband, who remains a fugitive as authorities investigate potential links to broader coordinated scam operations.
This landmark case underscores the growing risks in digital asset transactions and serves as a stark warning to investors about securing devices and verifying counterparties. The judgment includes both criminal penalties and civil compensation for the victim's direct losses and missed appreciation of the stolen crypto assets.
