Italian bank Fideuram unable to recover $59.8M converted into crypto in impersonation scam

Italian bank Fideuram unable to recover $59.8M converted into crypto in impersonation scam

Italian private banking firm Fideuram wired around €95 million ($102.6 million) after falling victim to an international impersonation scam involving people posing as executives at parent company Intesa Sanpaolo, local outlet Corriere Milano reported. Of that amount, €36 million ($38.9 million), or 54.7 billion won, was converted into cryptocurrency and has not yet been recovered. After identifying the loss, Fideuram recovered €40 million ($43.2 million) from China, while investigators additionally froze €13 million ($14.0 million) in Portugal and are tracking the movement of the unrecovered crypto, according to the report.