The original Iraqi Dadvan Yousuf became known as the "crypto prodigy" of Switzerland in 2021 due to widespread media coverage. Now, law enforcement authorities are taking action against the young crypto investor, who is alleged to have illegally acquired and transferred millions of francs abroad.
Self-proclaimed bitcoin millionaire Dadvan Yousuf is accused of deceiving investors by presenting himself as a successful crypto millionaire in national and international media. According to an investigative report by SRF, he is alleged to have persuaded investors to purchase his own cryptocurrency without actually intending to implement the project. Yousuf is alleged to have transferred the supposed illegal proceeds to accounts in Liechtenstein and invested some of the profits in cryptocurrencies.
From refugee child to crypto celebrity
The incredible story of Dadvan Yousuf first reached a wide audience in 2021 through an interview with NZZ. Under the title of "crypto sorcerer," Yousuf described his alleged rise from the depths of Kurdistan. His only goal from the age of 11 was to escape poverty, so he saved every franc and actively traded it on the crypto markets. Within a year, his fortune had risen from a few francs to six figures.
Further strategic investments - including in Ether (ETH) - allowed him to make the leap to "self-made millionaire." Using a self-created algorithm, he had already automated the entire crypto trade. And he wanted to make this knowledge available to everyone. His contribution to fighting poverty was to allow everyone to invest in his own cryptocurrency called "Dohrnii" to also rise to wealth. However, when SRF uncovers suspicious crypto transactions a year later, Dadvan Yousuf sues the media company for 10 million CHF.
A set-up fraud?
According to court documents published by the Federal Criminal Court, the 22-year-old is accused of defrauding investors through a system that involved actively and deliberately misleading a large national and international audience through various media outlets. The documents allege that the man moved the proceeds from the alleged crime to accounts in Liechtenstein and invested some of the money in cryptocurrencies via a platform in the United States.
The investigation was launched by the Bern prosecutor's office after receiving a suspicious activity report in spring 2021, which was later followed by additional reports. The indictment states that the money laundering reporting office discovered indications of potential investment fraud. Despite a request from the cantonal authorities, the Federal Criminal Court did not intervene. There were still too many questions and further investigations were needed to determine jurisdiction definitively.