A Scottish woman is reportedly selling her house after falling victim to a cryptocurrency scam that cost her almost $200,000. The woman, who has not been named, was targeted by scammers who convinced her to invest in a fake cryptocurrency venture. She transferred the money to the scammers, but later discovered that the venture did not exist. The incident highlights the risks involved in investing in cryptocurrencies and the need for people to be vigilant when dealing with online transactions.
A Scottish resident of Lanarkshire fell victim to a cryptocurrency fraud and was left with a debt of £150,000 (almost $190,000). The woman, identified only as Jennifer, invested her money into a crypto scheme after seeing an advert on Facebook featuring the advice expert Martin Lewis. A victim to the scam, Jennifer put in nearly $190,000 at the beginning of the year via Revolut. After investing for ten days in a row, her bank started blocking some of the transfers, making her doubt that something was wrong.
Jennifer sought help from Advice Direct Scotland and the local police, but they could not help her retrieve her funds. She is now forced to sell her home to avoid additional financial issues. Jennifer never imagined being a victim of cryptocurrency fraud and is devastated that she has ended up in debt. She claims her outstanding debt was so high that she had to sell her home to avoid further financial problems.
Scammers usually target the vulnerable, and Jennifer believes she has been the perfect target for the criminals who took advantage of her. The local police and Advice Direct Scotland classified Jennifer’s case as a scam, so she could not reclaim the lost money.
Martin Lewis, the British journalist, and creator of a website that gives advice on money-saving techniques, said this incident made him feel “sick.” He also warned people never to invest in schemes that feature his image.
Jennifer’s case is just one of many scams that have recently taken place globally. For example, a Hong Kong woman lost her life savings worth almost $900,000. She fell prey to a fraudster who contacted her on Instagram and urged her to invest in digital assets with the promise of great returns. When the woman attempted to withdraw some of her funds, she was requested to pay a certain fee. She even tried to borrow money from her daughter before realizing she had been conned.
The Hong Kong law enforcement agents classified the case as “obtaining property by deception:” a crime that is punishable by up to ten years in jail. However, the authorities have not yet detained any suspects. Scams are not location-bound, and it is essential to educate yourself before making any investments.
In conclusion, cryptocurrency scams are becoming rampant, and it is essential to be cautious before investing your money. Always seek professional advice before making any investment and be wary of unsolicited investment opportunities. It is also vital to check the legitimacy of the project and research the company or promoter. Otherwise, you might become a victim of a scam like Jennifer and the Hong Kong woman.