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HomeCrypto NewsMarketBritish Man £20k In Bitcoin Investment Scam Turns £19: Report

British Man £20k In Bitcoin Investment Scam Turns £19: Report


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Thames Valley local becomes a victim of a Bitcoin scam.

A report from The Royal Borough Observer on Friday reveals that a resident of Thames Valley in South East England has lost £20k (approximately $24k) in a fraudulent Bitcoin investment scheme.

The report reveals that this is the second case in the community in the last two weeks.

The unnamed victim made an initial investment of £200 (approximately $241) before being urged to invest more by the company, upon which he transferred an additional £20k to the firm. Afterward, the company informed the victim that his investment had doubled to a whopping £41,532 (approximately $50,139). However, when the victim opted to liquidate his holdings, the company informed him that his account had suddenly depreciated to just £19.18 (approximately $23.16).

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The report reveals that when he tried to send the supposed company more funds to recoup his losses, the transaction was flagged by his bank as a possible scam, and his account was frozen. The bank went on to contact the police as per the standard protocol.

It is worth noting that authorities have been unable to convince the victim that the company in question is fraudulent. Authorities explain that these fraudulent investment schemes usually start you up with small amounts so as not to attract the attention of law enforcement, warning community members to be alert.

The report does not specify how the scammers initially contacted the victim. However, it is worth noting that crypto investment scams have become prevalent on social media. Notably, in June, the FBI warned that crypto fraudsters are now using LinkedIn to target victims. In addition, the Federal Trade Commission (FTC) estimates that investment scams rank as the number one scheme used by fraudsters on social media platforms, estimating that at least $575 million was lost to these schemes in 2021.

Individuals should always be on guard for any crypto investment schemes promising unrealistic returns.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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