• A Canadian resident, Stephen Carr, has allegedly lost his home and entire life savings of almost $500,000 after falling victim to a crypto scam.
• The scam was a result of him watching a YouTube video that promised him he could make large amounts of money trading commodities, foreign currencies, and cryptocurrencies.
• Jason Tschetter of Alberta has started Fraud Hunters Canada, a group that tries to support victims and help them recover their money, last year.
Stephen Carr of Meaford, Ontario, recently experienced a heartbreaking loss after falling victim to a crypto scam. The scam began after Stephen watched a YouTube video that promised him he could make large amounts of money trading commodities, foreign currencies, and cryptocurrencies. Stephen decided to test the waters, starting with an investment of $250. After seeing his investment grow, he poured in an additional $2,500. Stephen then asked for a $1,000 withdrawal, which he received, giving him the confidence that the website was legitimate.
Feeling encouraged, Stephen invested his entire life savings of $498,000 between October 2022 and January 2023. Unfortunately, Stephen soon discovered that the trading platform he was using was only a simulation, not connected to any real transactions. His investments grew to a whopping $1.3 million, but when he asked to withdraw some of his funds, he was asked to pay a $150,000 liquidation provision. As a result, Stephen was conned and has had to sell his house and reorganize his life.
Jason Tschetter of Alberta has also fallen victim to a crypto scam and has lost $81,000. In response, he started Fraud Hunters Canada, a group that seeks to support victims and help them recover their money. Unfortunately, due to the decentralized nature of cryptocurrencies and limited police resources, it is almost impossible for victims to get their money back.
The tragic story of Stephen Carr serves as a cautionary tale to everyone engaging in cryptocurrency investments. Before investing, it is important to do your due diligence and research the company or platform. Additionally, it is advised to not invest more than you can afford to lose. Stephen’s story is a heartbreaking one, but hopefully his experience will serve as a warning to many.