A WIDOWER lost his life savings and home after he invested in a “comprehensive and devastating” cryptocurrency scam.
The RAF veteran was tricked into giving away his savings, taking out loans and selling his house by the fraudsters.
Fraudsters stole £800,000 from Graham in total
Graham, 77, invested in a firm called N Capital after searching for crypto investment companies online last August.
He was looking for better returns than traditional savings accounts, and was planning to help his son buy a house.
But over a six-month period, the fraudsters managed to steal £800,000 in total, the BBC reported.
Graham lost his money due to a scam, but remember that investing in genuine cryptocurrency is still risky.
Cryptocurrencies can go up and down quickly and you could lose all of your investment.
At first Graham invested just £50, but that grew to £10,000 in days and in just a few weeks he’d handed over £100,000 in savings.
The scammers then convinced Graham to take out loans and equity from his house.
They told him there was a problem with the company they had invested in on his behalf.
But they said they would be able to get his money back if he made further investments.
Eventually, they managed to persuade him to sell his home of 30 years, promising to buy it back for him immediately.
How to spot crypto scams
CRYPTO scams are popping up all over the internet. We explain how to spot them.
- Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
- Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
- Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
- Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
- Do your research – Check reviews online and Reddit threads to see what other people think.
The retired RAF squadron leader, who fought in two wars, said he was “reluctant” to put his home on the market – but was told it was the only way to get any of his cash back.