Stephen Carr, a resident of Meaford, Ontario, said he lost nearly $500,000 of his life savings after being scammed in the scheme. cryptocurrency on YouTube
Scammers use video to lure their victims. Fake clips of famous people such as Elon Musk, Steve Wozniak, Bill Gates, and Kanye West have been uploaded, appearing to promote dubious cryptocurrency investments.
ininterviewRecently, Carr said he fell victim to a crypto scam through a video he watched on YouTube, with perpetrators promising viewers that they would be able to make huge profits if they invested in their project.
Initially, Carr was not suspicious, so he started with an investment of $250 and followed up with another $2,500 shortly thereafter.
Shortly thereafter, Carr requested a withdrawal of $1,000, and the scammer immediately complied. And this made him more confident that this was not a scam. Between October 2022 and January 2023, he invested nearly $500,000 (his lifetime savings).
Carr became suspicious when he saw his funds rise to $1.3 million and requested a partial withdrawal. However, the scammer insisted that he had to pay a $150,000 settlement fee to complete the withdrawal.
“I was tricked and looking back. I spent a lot of money on this. and trust these people sensibly.”
“I had two or three months to spare, that’s all,” adds Carr, whose scam forced him to sell the house.
He concluded that criminals had turned to deception. cryptocurrency as “real business” as the police do not have the necessary time and capacity to research and apprehend offenders.
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