Dear S.Q. My granddad lost $15,000 in a crypto scam. The “president” of his bank told him he’d go to jail if he didn’t go to a crypto machine in the local 7-11 immediately. The scammer actually stayed on the phone and walked my dad through the scam! I went to the police who knew of lots of scam like this and referred us to the FBI. They took a complaint but said they doubted anything could be reversed because Dad authorized in writing his permission.
Dear grandkid, Very sad. The 2024 FBI IC3 report (same report that deals with romance scams) had 140K+ complaints of cryptocurrency scams of $9.3 BILLION! The biggest victim group - over age 60. Crypto is a HUGE international scam, and agencies that protect the consumer are probably understaffed and overwhelmed. Recently, the US DOJ seized $15B in bitcoin from Prince Holding Group, a global criminal network in Cambodia. Only a drop in the bucket of damage done daily. -SQ
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