Man Lost His Life Savings in a Youtube Crypto Scam

Man Lost His Life Savings in a Youtube Crypto Scam

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A Canadian Resident Lost His Life Savings to a Crypto Scam

A resident of Ontario in Canada has lost his life savings worth $500,000 in a YouTube crypto scam, he revealed in a recent interview.

Stephen Carr has revealed how devastated he was after watching a YouTube video about investing with scammers who promised high returns to whoever invests with them.

In the beginning, to Carr, nothing about the swindlers looked suspicious, he then reached out to them and started his investment with $250, not long after this, Carr added $2,500.

However, Carr requested a withdrawal of part of his funds ($1,000) which the scammers enabled with immediate effect however resulted in Mr. Carr trusting the process, and from October last year to this month, January 2023, he has invested his life savings which is up to $500,000.

After this, his funds immediately grew to $1.3 million which then led to him suspecting this process, he thereafter requested to withdraw a part of the funds but the scammers informed him to pay a liquidation fee of $150,000 before he’s able to withdraw the funds. 

“I got conned, and in hindsight, I put a ridiculous amount of money in this and a ridiculous amount of trust in these people,” Carr regretted.

Carr however furthered that he had put his two houses for sale and this was spurred by the fraud that he was a victim of. According to him, he needed to do it in order to reorganize his life. “I’ve got maybe two or three months of usable cash left, and that’s it,” he added.

He furthered that he needed to share the story in order to warn others who are potential victims of similar experiences.

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