Revealing the truth: UK man who lost £300,000 in cryptocurrency scam reveals warning signs to the world

As new currencies emerge, so do new ways for scammers to scam people out of their money. Scammers continually change their strategies to stay ahead and often take advantage of people’s ignorance about new currencies and technologies.

Cryptocurrency users are a new target for cyber scammers. This is because cryptocurrencies are a new and complicated technology that many people need to familiarize themselves with. As a result, they are more likely to be scammed.

Because cryptocurrencies are a valuable asset, scammers also target cryptocurrency users. Cryptocurrency prices can fluctuate dramatically, but they have risen steadily in recent years.

As a result, cryptocurrencies are an attractive target for thieves.

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Who is the man who lost £300,000 in a cryptocurrency scam?

Matthew Thomas (not real name. According to a Guardian Report, a senior manager at a UK financial firm, has revealed how bitcoin scammers duped him out of his life savings of £300,000.

He claims he was “probably blinded by greed, curiosity and stubbornness” when he became embroiled in the elaborate and complex deception that lasted six months.

How to Protect Your Investments Lessons from a Cryptocurrency Scam Victim Who Lost £300,000
Credit: Adobe Stock

Details of his experience, which he revealed in a bid to prevent others from being misled, emerged as tough new marketing laws for cryptocurrency companies came into force on Sunday, aimed at providing greater protection for UK customers.

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The scam that ensnared Thomas began in January when he was contacted by a friend who had been using cryptocurrency trading software he thought was located in the United States.

Thomas, in his 40s, was told that the goal of the trading app was to make money by noting price disparities when buying and selling bitcoins on different exchanges. He had supposedly built artificial intelligence robots to track the markets and intervene when these inconsistencies appeared.

When did you lose the money?

How to Protect Your Investments Lessons from a Cryptocurrency Scam Victim Who Lost £300,000
Credit: Canva

By July, he had lost more than £300,000, part of which (approximately £60,000) he obtained by borrowing his mortgage, and a further £20,000 received through a work loan which he hopes to repay in the coming years.

“At first it seemed very legitimate,” Thomas said. However, over time, the scammers “pulled[ed] “several levers” to get additional money.

Did Thomas present the case?

How to Protect Your Investments Lessons from a Cryptocurrency Scam Victim Who Lost £300,000
Credit: Canva

Thomas has reported this scam to several senior officials, including the FBI in the United States and the National Crime Agency in the United Kingdom. He has also taken his issue to the UK Financial Ombudsman Service.

“I finally feel relieved… “I was tired of living in a state of hope mixed with frustration and anger mixed with my self-dissatisfaction,” Thomas explained.

What is the advice that Thomas gave to the world?

When connecting a Bitcoin wallet to a trading application, Thomas warns customers to proceed with caution.

How to Protect Your Investments Lessons from a Cryptocurrency Scam Victim Who Lost £300,000
Credit: Canva

“It’s like giving someone your bank account information and saying, ‘Go make money with my bank account.'”

Thomas advises people to use extreme caution when connecting a cryptocurrency wallet to a trading program. “It’s a bit like telling someone your bank account details and saying, ‘Go and make money with my bank account.'”

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The Financial Conduct Authority, for its part, says it “continues to remind people that purchasing crypto assets remains a high risk and that they should be prepared to lose all their money.”

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Source: vtt.edu.vn

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