Crypto Scammers Drained Over $200K From a British Woman (Report)

A resident of Norfolk, the United Kingdom, has reportedly lost her life savings (more than $200,000) after falling prey to cryptocurrency fraudsters. 

This is hardly the first such scheme in the country that has resulted in substantial losses. David Lindberg – Chief Executive of retail banking at NatWest – has previously warned local investors to be highly cautious when dealing with cryptocurrencies since the UK is a “paradise for scammers.”

‘Life Will Never be the Same’

According to a report from a local media outlet, the British woman decided to invest in cryptocurrencies after coming upon an online advertisement. Once she completed an inquiry, she was approached by wrongdoers who promised to set up a trading account for her.

They established a close relationship with her in the following months and encouraged her to give them access to her laptop and smartphone to “transfer large sums of money at different intervals.” The victim believed the funds would be invested in cryptocurrencies. 

She realized that the investment was actually a fraud when contacting her bank to check a specific transfer. The scheme, which drained all her life savings worth approximately $227,000, has had a huge impact on the victim, who said:

“My first reaction when I was told I had been scammed was feeling very frightened of my future, as the scammers left me with nothing. Life will never be the same, and I am trying to come to terms that some people can be so ruthless. However, I will combat that feeling and go forth, albeit taking a different route in life.”

Local law enforcement agents alerted people to be extra careful when involved with such crypto investments, saying bad actors often con victims via social media platforms and websites. They also warned that schemes could sometimes feature the image of a celebrity to increase their legitimacy. 

The police noted that online investments could be “a great way to manage and grow funds” but warned individuals to conduct proper due diligence before distributing funds.

Some of the Previous Scams in the UK

Such crime has been on the rise in the Kingdom over the past few years, with CryptoPotato reporting several cases. One example is the retired teacher Teresa Jackson, who parted with over $150,000 in 2021 after joining a fraudulent investment project promoted on Instagram. 

Crypto romance schemes have also been quite popular in the UK. An anonymous British citizen lost around $200,000 after a mysterious woman he started dating online encouraged him to invest in digital assets through a dubious platform. The man was so devastated after realizing he had become a victim that he contemplated taking his life:

“I recognized I needed help straight away and went straight round to see my mum. If I didn’t have that support, I wouldn’t be here. I was going to do something that wouldn’t leave me here anymore.”

Another British woman living in Nottinghamshire got conned with over $200,000 earlier this year after a criminal who presented himself as a US Army surgeon tricked her into transferring the funds into a particular Bitcoin wallet.