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British Granny Loses $84,000 to Two Crypto Scam Attempts

British Granny Loses $84,000 to Two Crypto Scam Attempts

Amanda Briggs, a 72-year-old British woman who wanted to use her funds to send her grandkids to school, reportedly lost $84,000 to two cryptocurrency scams.

Crypto Scammers Fooled Old Woman Twice

Briggs deposited £42,000 into Extick, an unlicensed crypto contracts for difference (CFD) broker exchange. Unfortunately, the exchange eventually shutdown.  Moreover, Barclays Bank warned against her the suspicious investment.

The scammers withdrew her funds, leaving only £91 in her account. A few months later, the crypto scammers who pretended to be an investigation officer from the Financial Conduct Authority (FCA) contacted the woman through email. They convinced her to pay £25,000, promising that they will return her the initial loss. However, the old woman was fooled two times by the scammers.

FBI Warned on Growing Crypto Scams on Elderly

Back in April, the Federal Bureau of Investigation (FBI) warned that scammers are leveraging increased fear, uncertainty, and doubt (FUD) during the COVID-19 pandemic situation to steal money. Also, they warned that people of all ages are being targeted by criminals through crypto-related frauds.

The FBI advised people to look out for the following crypto fraud schemes: blackmail attempts, work-from-home scams, payment for non-existent treatments or equipment, and investment scams. The report added that the FBI has an entire team dedicated to preventing cryptocurrency money laundering.

Nowadays, these crypto scams are becoming more common. They continue to trouble the cryptocurrency industry. What is worse, the elderly are the first target of cryptocurrency scams through social media. Similarly, an old couple from Australia lost $900 thousand worth of pension funds last year after being swindled by criminals.

Read Also: 1,980 BTC ($22M) Hacked From Electrum Bitcoin Wallet Users

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.