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Man loses $384,006 in cryptocurrency scam | St. Louis News Headlines – St. Louis, Missouri

St. Louis, Missouri 2021-06-16 10:29:00 –

(CBS NEWSPATH)-Millions of investors are jumping into cryptocurrencies like Bitcoin, and scammers are trying to take advantage of all the topics.

Brandon Larsen recently downloaded an app that he thought was related to the website he was using for trading. However, the app is fake and all the money he put in has disappeared. Larsen lost $ 384,006. “I shed a lot of tears, I’m not going to lie,” he says.

Federal Trade Commission Christopher Reach says these types of scams have skyrocketed and Americans lost more than $ 80 million in cryptocurrency scams between October 2020 and March 2021.

There are several different scams, including those where scammers place fake ads online with the promise of triple your investment. “But you need to give them your cryptocurrency. Often, when you try to remove it from a mutual fund, the cryptocurrency disappears,” Reach says.

Scammers also send emails disguised as celebrities, including famous crypto investor Elon Musk. “And if you give me some cryptocurrencies, you can participate in the lottery to win far more cryptocurrencies,” Reach says.

Larsen says you have to be careful who you trust, but he’s still going to trade. “There are still great opportunities to make money with cryptocurrencies, and I’m still going to take advantage of it,” he says.

Larsen reported his massive loss to the authorities, but he does not expect the money to be seen again, as crypto crimes are often untraceable.

Copyright 2021 KMOV (Meredith Corporation) All copyrights

Man loses $384,006 in cryptocurrency scam | St. Louis News Headlines Source link Man loses $384,006 in cryptocurrency scam | St. Louis News Headlines

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