British Woman Loses Over $200K to Crypto Scammers

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This article has been republished with permission from Binance News.

According to CryptoPotato, a resident of Norfolk, United Kingdom, has lost her life savings of more than $200,000 after falling victim to cryptocurrency fraudsters. This is not the first such scheme in the country, as David Lindberg, Chief Executive of retail banking at NatWest, has previously warned local investors to exercise caution when dealing with cryptocurrencies, as the UK is a ‘paradise for scammers.’

The British woman decided to invest in cryptocurrencies after encountering an online advertisement. She was then approached by scammers who promised to set up a trading account for her. Over the following months, they established a close relationship with her and convinced her to give them access to her laptop and smartphone to transfer large sums of money at different intervals, which she believed would be invested in cryptocurrencies. The victim realized the investment was a fraud when she contacted her bank to check a specific transfer, and discovered that her life savings of approximately $227,000 had been drained.

Local law enforcement agents have warned people to be extra cautious when dealing with crypto investments, as bad actors often con victims via social media platforms and websites. They also noted that online investments can be a great way to manage and grow funds, but individuals should conduct proper due diligence before distributing funds. Crypto scams have been on the rise in the UK over the past few years, with several cases reported, including a retired teacher who lost over $150,000 in 2021 after joining a fraudulent investment project promoted on Instagram, and a British citizen who lost around $200,000 after being encouraged to invest in digital assets through a dubious platform by a mysterious woman he met online.



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