HomeBitcoin News"Joseph," an Anonymous Crypto Investor, Loses More Than $300K in Online Scam

“Joseph,” an Anonymous Crypto Investor, Loses More Than $300K in Online Scam


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It’s happened again, folks. Another major cryptocurrency scam is in the books, and a man simply going by the name of “Joseph” is the 70-year-old victim sadly paying the price.

Joseph Has Lost Some Serious Dough

Joseph ran his own business for many years and saved up a lot of money for his retirement. At 70 years of age, he was looking to the days where he could kick back and possibly purchase a mortgage-free bungalow that would allow him and his wife to enjoy their golden years together, but after getting involved in online cryptocurrency trading, Joseph is experiencing something very few people can even fathom – the disappearance of his entire life savings.

In an interview, Joseph described his feelings:

My wife and I are very upset. We have lost our lifestyle and our plans… I wanted to do this online trading as everyone was saying how good it was to give us a better lifestyle.

The scam took on the guise of a money-making operation, in which the more one invested, the more they would make. This is a major red flag that can be witnessed in many online crypto scams. The fact is that digital currencies are extremely volatile, and thus profits can never be guaranteed. Thus, no company or person can ever say for sure that those investing will garner revenue.

Nevertheless, Joseph was convinced that he had found a goldmine. The scammers running the operation told him that he could get started on their investing platform by providing approximately ten percent of his overall holdings.

While Joseph was investing, he was also dealing with a serious illness that saw him collapse while engaged in a phone call with the scammers. During this call, Joseph had to be taken to the nearby hospital by paramedics. The scammers were on the phone when this happened, and were “witness” to everything that occurred, but this didn’t stop them from making their next moves.

While he was in the hospital, Joseph got regular text messages asking him to provide more money. While he found the situation confusing, he put his doubt to the side and continued to do as the scammers told him. Ultimately, he lost more than $300,000 – a sum he’s not likely to see again.

This Happens Too Often

He states:

I thought I was good with my money. It was really when I came out of the hospital that the show of what I’d done hit me. The money was for our retirement and any future healthcare we needed. I have no means to recoup the money I’ve lost as I’m retired.

Per an organization known as Citizens Advice, approximately 36 million adults have been targeted by online crypto scams over the past year, with roughly 12 percent of these scams coming in the form of get-rich-quick schemes.

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Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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