We lost our life savings to a cryptocurrency

He planned to use the money to buy a mortgage-free bungalow so that he and his wife could live the rest of their days. My wife and I are very upse he said. We have lost our lifestyle and our plans.

In an attempt to top up those savings, he was forced to invest online, a move into cryptocurrency trading that left him at the mercy of suspected scammers and depleted his lifetime savings. Fears of risk taking by investors in crypto assets Offer to use criminal cash to reimburse scam victims  José is not his real name. He is in his 70s and feels vulnerable and distraught by what happened.

He wanted to do this online business as everyone was saying how good it was, to give us a better lifestyle,” he said. Assuming he was making a profit, he was dragged into one more investment cycle to get money. The scammers said they needed 10% of him to get the money out of him. He said that he was ill and collapsed while talking on the phone and they were still on the line when paramedics arrived.

During his illness, he continued to receive text messages asking for more funds. He was confused and agreed to hand over more money and eventually lost over £ 250,000 in lifetime savings. Banks have been issuing warnings about fraudulent cryptocurrency trading and they are unlikely to refund any of your losses. “I thought it was good with my money. It was really when I got out of the hospital that I was hit by the shock of what I had done.” Joseph said.

The money was for our retirement and any future medical care we might need. I have no means of recovering the money I lost in retirement. Citizens Advice said 36 million adults had been targeted by a scammer so far this year. Of those, 12% were made by someone offering a bogus investment or get-rich-quick scheme. ne of them, the Money and Mental Health Policy Institute, said that millions of Internet users.

Scams come in many forms, whether it’s a get-rich-quick scheme or the promise of romance. It’s easy to think that it will never happen to you, but the reality is that anyone can be the target and anyone can be duped.” said Matthew Upton, the charity’s policy director. A number of charities have been calling for fraudulent ads to be included in the government’s online security bill, which will soon be scrutinized by lawmakers and lords.

particularly those with mental health problems, were in danger of losing money or sensitive personal information to scammers. He said there were also risks of confusion, as tech companies would be expected to remove some scams from their websites, but not others. This has left many scammers untracked, uninvestigated and unpunished. Many get away with these crimes with impunity

 

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