What began as a retirement venture into the world of digital assets ended in devastation for Ed Suman, a 67-year-old former fabricator whose life’s savings vanished in an elaborate cryptocurrency scam.
After a long career building some of the art world’s most iconic pieces — including contributions to Jeff Koons’ famed Balloon Dog sculptures — Suman turned to crypto investing as a way to grow his retirement funds. Over time, he built up a substantial portfolio: 17.5 BTC and 225 ETH, stored securely on a hardware wallet for maximum protection.
But even offline wallets can’t shield against deception.
Earlier this year, Suman received a message alerting him to supposed suspicious activity tied to his Coinbase account. Concerned, he followed up — unknowingly walking into a trap. A man identifying himself as a Coinbase security representative called, appearing to know intimate details of his setup. He guided Suman through a fake security process, asking him to enter his wallet’s seed phrase into a website cleverly disguised to resemble Coinbase’s interface.
Thinking he was safeguarding his funds, Suman followed instructions.
Days later, another individual claiming to represent the company called back, further solidifying the illusion of legitimacy. By the end of that second call, all of Suman’s digital assets — worth over $2 million — had been drained.
The incident serves as a reminder that in the world of crypto, scams don’t always rely on brute force or high-tech hacks. Sometimes, all it takes is trust — and a convincing voice on the other end of the line.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/he-spent-his-life-building-art-and-lost-it-all-to-a-crypto-con/