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Man Loses $282,000 to Crypto Scammers in the UK

Man Loses $282,000 to Crypto Scammers in the UK
  • UK’s Metropolitan Police reported another crypto scam as a man loses his £200,000.
  • The fraudsters tricked the man into permitting them to access his computer.
  • The man was harassed on many occasions to keep investing.

On Friday, UK’s Metropolitan Police reported another crypto scam as a man loses his £200,000 ($282,000). The victim, who does not want to be identified, was deceived after an online conversation last year.

According to the report, the scammers reasoned out that as Bitcoin is soaring he could rake in some serious cash by investing online. During that time, the victim gave his hard-earned money to invest in apparently a fake brokerage firm.

Apart from this, the fraudsters tricked the man into permitting them to access his computer. Whereas, the fraudsters took his private data, giving them the power to take out huge advances in his name (e.i., taking out large loans).

Furthermore, the victim said he was harassed on many occasions to keep investing. Two men even visited his home to gather money to put into the scam.

According to Detective Sergeant David Breach of UK Metropolitan Police,

Reports of investment fraud have increased significantly since the start of the coronavirus pandemic, which is unsurprising when you think the vast majority of us have had to conduct nearly every aspect of our lives on a computer or mobile. Being online more means criminals have a greater opportunity to approach unsuspecting victims with their scams.

He further left a statement encouraging people to do research first before investing. Indeed, it would be best to double-check every detail before handing over money or personal details. Lastly, he said ‘Remember, if something sounds too good to be true, it probably is.’

Lately, reports of investment fraud have been increasing significantly. This is not surprising when you think almost everyone has access to a computer or phone online. According to the US Federal Trade Commission, between October 2020 to March 2021, Americans reported a loss of nearly $82 million to crypto scammers alone.

Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.