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Instagram Bitcoin Scammer Nabs £120K From British Teacher

Instagram Bitcoin Scammer Nabs £120K From British Teacher
  • A retired British teacher loses life savings to a Bitcoin scam.
  • The fraudster placed the ad on Instagram and ran off with a total of £120,000.
  • The authorities say this is one of many similar scams.

Teresa Jackson, a 63-year-old retired British teacher, has lost her life savings to a fake Bitcoin investment scheme. In detail, the woman lost £120K to the Bitcoin scam.

In particular, the lost funds held the collective amount of her life savings and pension funds. Specifically, Jackson put all her funds into the scheme after speaking with a ‘financial investor’.

This crypto scammer convinced her to stake the £120,000 savings amount. Moreover, the scam appeared in an ad on Instagram. In fact, the mysterious stranger contacted Jackson soon after she found the ad on Instagram.

Consequently, Jackson felt convinced by the stranger’s knowledge and trustworthy nature. Soon after speaking with him, Jackson transferred the cash directly to him. After this, she tried to contact the stranger again to check on her investment. Unfortunately, she got no answer and her funds were gone forever.

However, Jackson immediately informed her bank about the scam. Thus, she managed to get 50% of her money back from the bank. This was all the bank could offer as they could not restore the full amount due to her having transferred the cash directly.    

Notably, the Action Fraud and Citizens Advice heard her case. It is unfortunate that such a scam occurred. More so, because the UK’s national reporting center for fraud and cybercrime did warn its citizens to be extremely cautious with crypto investments. 

All in all, Jackson finds herself on Universal Credit now. Accordingly, the National Fraud Intelligence Bureau (NFIB) and the City of London Police are advising caution.

Fraudsters will cold call victims and use social media platforms to advertise ‘get rich quick’ investments in mining and trading in cryptocurrencies.

The authorities also mention that Jackson is just one of many such victims. Therefore, many nations are working on regulating their crypto regulations. Some nations are even debating about fully banning all crypto.

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