Man resident in County Down, Northern Ireland, lost his entire life savings and pension money in a sophisticated Bitcoin scam. He had invested to the tune of six figures in a company that turned out to be fraudulent. The man wishes to remain anonymous and advises others to avoid falling for Bitcoin fraud.
He was intrigued and attracted to an advert endorsed by two celebrities revealing ways to earn more money than you could make in a bank by investing in the scheme they are advocating. Also, he admits at the time of investing £250, he was aware of Bitcoin but was unaware of how it worked and the parameters that tick its price.
He continued that initially, the return on investments was good. In addition, he was impressed by the company that hosted its website, assigning a “personal client manager.” However, all the dealing and advice was given over telephonic conversation, not online.
During the initial period, nothing out of the blue would raise any suspension in his mind, everything was running smoothly, and all the questions and doubts he asked were answered promptly and satisfactorily by the personal client manager. However, he was unaware that this dream of earning good money would become a nightmare.
He admits that during the initial periods, he used to keep track of all the dealings and transactions that took place, and there was no doubt. He felt safe and secure and could still survive if the money invested were lost in a bad trade.
… And now the game begins!
The investment continued for a few more months until, at this stage, roughly £5,000 had been bagged by them. The company invited him to join its “retirement section.”
During the “retirement section” session, these scammers started quoting unbelievable figures, making him uncomfortable. When he asked about the tax imposition on Bitcoin, they all replied that since it is decentralized and unregulated, there won’t be any tax levied. He urged that he was uncomfortable, but they had methods of pulling him into their trap.
The client manager assigned to him went off due to covid and was replaced by another client manager. The new client manager assigned an account and a trading platform that he could use to access and view the performance of his investments.
When he visited the cryptocurrency website, it had nothing to do with the company. You could also view different cryptocurrencies that had been trading, confirming what was happening to his account.
He had made a six-figure investment at this point.
Though he declined to reveal the exact investment figure, it was worth all his savings and the lump sum pension money. The company also suggested that he put aside more funds as insurance for his investment.
And that he could withdraw these funds whenever he desired, and they would not be used for trading. Then, to his astonishment, he discovered after logging into the account that the additional funds he had invested had been traded without his knowledge. It hit him hard that he was a victim of a Bitcoin scam.
The miserable feeling…
He felt miserable and believed he was blessed since there was no borrowing or selling or any other deal that involved the house; otherwise, the pain would have been even harder to bear. Instead, it was all his personal savings and pension money over the years. He further said that every night all the dreams and plans and those continuous thoughts that he had vanished in a single day.
It changed his life; he was hurt, upset, and cried continuously as the scam had taken a toll on him as he recollected all the events in front of him. Also, he recollects that when he discovered that he had been scammed and all the money left a miserable feeling that was difficult for him to deal with.
He had to cope with it alone because he hadn’t involved his wife from the start and hadn’t discussed it with her. As a result, his dreams were crushed, and all of the money was gone. Although he had collected his wits and contacted the company to complain about the event, they directed him to have a word with the client support group, which later hit him that they were a part of an elaborate ruse.
Dismayed, he contacted everyone, from law enforcement agencies to the Financial Conduct Authorities to the Trading Standards. Experts revealed that such scams are widespread. They further continued that these scammers are very cunning and aware of such criminal activities.
The company appears credible and legitimate…
They have learned about cases where the company appears credible and legitimate. The entire band of account managers, the complaint managers, and the so-called escalation procedure are trying to make you believe you will get your money back. The money involved is enormous, and someone falling for a scam like this has a devastating effect on their life and family, breaking the hearts of everyone around them.
The victim wishes that no other person should undergo the hardship he has experienced and to create awareness amongst people about the prominence of scams like these. He continues that the scam has taken a toll to such an extent that during his waking hours and before going to sleep, he feels very miserable about the money he had lost.
A glimmering ray of hope that would resolve this misery had befallen him, or even the thought of recovering some of the cashback would be a great relief. He continues that he cannot plan for any future event as all the money saved so far in his life has been tricked away from him.
It is quite saddening that you cannot do a thing about your money when you have been a victim of a Bitcoin scam. Unfortunately, scams like these are rampant on social media, and the only way to combat them is to research further when any business prospects even come your way.
Consult your friends and family members and even ask for professional guidance from your chartered accountant, who files your income tax. Thanks for reading this article on the bitcoin scam.