A senior manager at a UK investment firm, identified as Matthew Thomas, fell victim to cryptocurrency scammers and lost his life savings of £300,000. This complex scam unfolded over six months, and Thomas attributes his involvement to a mix of greed, curiosity, and stubbornness.
The scam began when a friend introduced Thomas to a crypto trading app, which he believed was based in the US. Over time, Thomas lost over £300,000, which included borrowed funds from his mortgage and work.
Initially, the trading app seemed legitimate, claiming to profit from buying and selling cryptocurrencies by exploiting price differences through AI bots. Thomas began with a small investment, which yielded daily profits of about 1%. However, he was later coerced into a marketing tactic called an “airdrop” to unlock more profits by maintaining a high minimum balance.
The situation worsened when he was enrolled in a larger airdrop without his consent, causing him to invest even more money. The scammers continued to manipulate him, leading to further losses and demands for additional deposits.
Thomas finally realized he was entangled in a scam but was unable to recover his money. He reported the incident to various authorities, including the FBI and the UK’s National Crime Agency.
This unfortunate experience underscores the need for caution when connecting a crypto wallet to trading apps. The Financial Conduct Authority advises that investing in cryptocurrencies carries high risks, and individuals should be prepared for the possibility of losing their entire investment.
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