Here’s how a couple got scammed out of nearly $300,000 worth of crypto

Scams have been a well-known problem within the crypto industry for years. Investors can be fooled in countless ways and lose their hard-earned wealth in digital currencies. Three popular ways scammers have operated in the past year are: back pulls, bookmark phishing and so-called Trojan attacks.

Earlier this week, the Toronto Police Department made known that an elderly man and his wife, whose names were not disclosed, have fallen victim to crypto fraud.

Nearly $300,000 worth of crypto lost

The couple were willing to invest their savings somewhere when they were approached online by an unknown person who presented himself as ”professional and knowledgeable” in the field of investing. After gaining the couple’s trust, he advised them to distribute their savings on a fraudulent crypto platform. Subsequently, the couple was urged to send some capital through a legitimate crypto exchange to a designated wallet.

The Canadian couple was initially unaware, as the value of their investment had grown “significantly” on the scammer’s platform. At one point, they even transferred money directly to the person in question.

However, the victims started to have doubts when they wanted to withdraw part of their crypto portfolio. The fraudster indicated that they would pay very high fees or they would have to invest more to carry out transactions of this size. In the end, nearly $300,000 went up in smoke for the couple from Canada.

However, the Toronto police launched an investigation and eventually succeeded in recovering a “significant portion of the lost funds”. However, the identity of the scammer remains unclear.

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Crypto scams remain problematic

Unfortunately, stories like this, in which people see their total crypto assets go up in smoke, appear more often in the crypto news. However, it is not often that things end somewhat well. Earlier this year, for example, you could read that there was another Canadian who fell victim to a crypto scam. He lost nearly $500,000 after investing in a project that gained his trust through YouTube.

You could also read a while back that a British senior had lost almost $200,000 in a so-called romance scam. Scammers use the naivety and ignorance of vulnerable individuals through online dating websites, for example.

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