Two fraudsters from Serbia deceived the bitcoin seller from South Korea and paid him for bitcoins wirh counterfeit euro notes, drawn in Photoshop. The damage amounted to €2 million.

An entrepreneur from South Korea, who runs a cryptocurrency-related business in Singapore, fell victim to scammers who pretended to be buyers of cryptocurrency. They settled up the deal using fake euros worth as much as €2 million, AFP reports.

The deal took place on the Cote d'Azur in Nice in a five-star hotel. Initially, scammers promised the entrepreneur to invest in his business and buy a large amount in bitcoins. The businessman sent his bitcoins to the scammers account, and they handed him a bag of cash. Later, he found out that the €500 bills were fake. Scammers created them using printer and the Photoshop image editor.

The businessman reported to the law enforcement agencies of France.

One of the scammers is already arrested. He was caught in Cannes. By the time of his arrest, he had already bought expensive watches worth $110,000 and a luxury sports car. The search for his accomplice continues.

It is curious that the European Central Bank announced in 2016 that it will stop issuing and supporting the circulation of 500 euro banknotes due to its frequent use in illegal activities.