A HOMEOWNER said he would have to sell his property after losing nearly $500,000 when he put money into a cryptocurrency site.
Stephen Carr from Meaford, Ontario, Canada, said his retirement funds were wiped after he fell for an elaborate scheme.
Carr explained that he had reached out to a trading platform after he watched a YouTube video.
The site had promised his money would be invested into commodities, currencies, and cryptocurrencies.
Carr paid $250 into the website in October 2022 and invested another $2,500 after he saw his initial funds grow, according to CTV News.
He explained he believed the site was real as he was able to withdraw $1,000 from his money at one point.
Carr said this led him to put $498,000 into the website over three months until January 2023.
He believed the site had doubled his cash and was told his investments had risen to $1.3 million.
Carr realized this had been a scam when he was asked to pay $150,000 to access his funds and was unable to take out his money.
“What I didn’t know at the time is this trading platform I was on was a simulation, it wasn’t connected to anything, like a flight simulator that’s not connected to a real airplane,” he said.
“I got conned, and in hindsight, I put a ridiculous amount of money in this and a ridiculous amount of trust in these people,” he added.
Carr explained what drastic action he had considered taking following the scam.
“I’m devastated,” he said.
“I’m in the process of selling my house and have to reorganize my life.
“I’ve got maybe two or three months of useable cash left, and that’s it.”
Carr also put out a warning to others to be wary of scam websites.
Bank tips for avoiding scams
As scams become more sophisticated with the use of artificial intelligence, it is important you know how to spot a scam:
- Be skeptical of online deals that seem too good to be true, especially on social media.
- Scammers will often use tactics to make you panicked so you make quick decisions – be cautious if you are told to take immediate action and verify who has contacted you.
- Chase Bank warns customers to “never return any unexpected funds without calling Chase first.”
- Never send money to someone you have only spoken to online or by phone as this is likely a romance scam.
- Unless you 100% know who you are talking to, never give someone remote access to your device.
- Never accept help from strangers at an ATM and always be vigilant when making withdrawals.
- Do not send money or click any links indicating that you have won a prize.
Source: Chase.com
“If I can get conned, then a lot of other people can get conned, and they have my entire retirement savings,” he added.
FRAUD WATCH
Carr has not been the only person to fall for these ever-evolving fraud attempts, The U.S. Sun has previously reported.
An Illinois man lost over $7,000 after he left a comment on a YouTube video.
Jason Blentlinger said he thought his favorite YouTube channel had reached out to 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 a fraud victim after an employee raised the alarm.
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