Police in Toronto, Canada, recently announced that they have recovered some of the money lost by an elderly man who was the victim of a bitcoin scam, which swindled him and his wife out of $400,000.
According to the police, the couple wanted to invest their savings and were approached by a scammer posing as “professional and experienced in the business”.
The scammer asked the senior to invest in an online platform called “cryptos-seed.com”, and convinced the pair to send money through a legitimate cryptocurrency exchange to a cryptocurrency wallet provided by the scammer.
fixed money
Investigators found that the senior citizen had been given login credentials for the fraudulent website and it appeared that the investment paid off, when in fact he had sent his money directly to the person responsible for the scam.
When the man tried to withdraw his money, he was given several excuses and told to either invest more money or pay high fees to release the money.
However, the police managed to recover a “significant portion of the lost money” and return it to the couple. While the press release did not specify how much money was recovered, getting some of the money back is good news for the couple.
“Funds are unlikely to be recovered via cryptocurrency, which is why this is such a huge success story,” said police in an interview with CBC Toronto.
The arrest was made with the help of the Toronto Police’s Cyber Unit and Financial Crimes Unit.
Police said investigators are still trying to identify the suspects involved, who may be in another country.
The detective is calling on anyone who believes they have been the victim of a similar scam to contact the police.
The incident is a reminder that cryptocurrencies are still a breeding ground for fraud and scams, and investors should exercise caution when investing in online platforms.
It is important to do thorough research and confirm the legitimacy of any platform before investing any money.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
