A resident of Island of Jersey has lost a jaw-dropping $1.6 million to a cryptocurrency fraud. The victim was duped over an extended period of 18 months by the scammers and was also promised 1500% returns for his invested amount, as reported by the Jersey Evening Post.
The news has further been confirmed by an official of the Jersey Financial Services Commission. The probability of ever recovering the lost principle is almost negligible as per the experts from the U.K. National Crime Agency.
Meanwhile, the Fraud Prevention Forum of Jersey has urged the locals to steer clear of such scammers. The forum has also issued a warning for the public advising them to be cautious of frauds who target the people of Jersey by taking control of their webcam. The scammers have also gone further and blackmailed the victims about leaking their embarrassing videos online if they don’t pay them off in Bitcoins.
The Victim is a Seasoned Crypto Investor
Something bewildering about the Evening Post’s report caught the public eye and gave rise to a lot of questions. The post claimed that the victim was no novice and was quite experienced in cryptocurrency investment. However, isn’t it somewhat perplexing for an experienced investor to suffer such a huge loss?
However, the Jersey Financial Services Commission was quick to counter the question by releasing news that the frauds had duped the investor over time, thereby gradually gaining his trust. Furthermore, it was reported that the conmen had used names of reputable U.K. based companies for their illicit ends.
The number of scams in the crypto world is increasing by the day, be it through lures of lucrative investments in cryptocurrency, duping or direct targeting. However, whatever the method may be, the users should be vigilant enough to hear the ringing bells and see the underlying red flag that the scammers will eventually try to trick them.