News
“I’m devastated,” man shouts after losing $500,000 on cryptocurrency site
A HOMEOWNER said he would have to sell his property after losing almost $500,000 when he invested money in a cryptocurrency site.
Stephen Carr of Meaford, Ontario, Canadahe said his retirement funds were wiped out after he fell for an elaborate scheme.
Stephen Carr said he lost nearly $500,000 when he invested money in a cryptocurrency website Credit: CTV NEWS He explained that he was trying to sell his house after falling for a plan (stock image) Credit: Getty
Carr explained that he contacted a trading platform after watching a video on YouTube.
The site promised that his money would be invested in commodities, currencies and cryptocurrencies.
Carr paid $250 to the website in October 2022 and invested another $2,500 after seeing his initial funds grow, according to CTV News.
He explained that he believed the site was real as at one point he was able to withdraw $1,000 from his money.
Carr said this led him to invest $498,000 in the website over three months to January 2023.
He believed the site had doubled his money and was told his investments had risen to $1.3 million.
Carr realized that this had been a fraud when he was asked to pay $150,000 to access his funds and was unable to withdraw his money.
“What I didn’t know at the time was that the trading platform I was on was a simulation, it wasn’t connected to anything, like a flight simulator that isn’t connected to a real plane,” he said.
“I was scammed, and in hindsight, I invested a ridiculous amount of money and a ridiculous amount of trust in these people,” he added.
Carr explained what drastic action he had considered taking following the scam.
“I can’t be the only one,” cries a Medicare user who sent an $8,000 bill for a medical item he didn’t need, then the company disappeared
“I’m devastated,” he said.
“I’m selling my house and need to reorganize my life.
“I have maybe two or three months of usable cash left, and that’s about it.”
Carr also issued a warning to others to be wary of scam websites.
The bank’s advice for avoiding scams
As scams become more sophisticated with the use of artificial intelligence, it’s important to know how to spot them:
- Be skeptical of online offers that seem too good to be true, especially on social media.
- Scammers often use panic tactics to make you make quick decisions – be wary if you are told to act immediately and verify who contacted you.
- Chase Bank warns customers to “never return unexpected funds without calling Chase first.”
- Never send money to someone you have only spoken to online or by phone as it is likely a romance scam.
- Unless you know 100% who you are talking to, never give someone remote access to your device.
- Never accept help from strangers at ATMs and always be vigilant when making withdrawals.
- Do not send money or click on any link that indicates you have won a prize.
Source: Chase.com
“If I can get scammed, then a lot of other people can get scammed and they have all my retirement savings,” he added.
FRAUD WATCH
Carr wasn’t the only person to fall for these evolving fraud attempts, The US Sun previously reported.
A man from Illinois he lost over $7,000 after leaving a comment on a YouTube video.
Jason Blentlinger said he thought his favorite YouTube channel had contacted him to send him a MacBook Pro as a gift for being a fan.
These people were not YouTubers and turned out to be scammers.
Blentlinger was asked to send gift cards and only realized he had been the victim of fraud after an employee raised the alarm.