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Crypto scam alert: Man loses £2,78,000 on a fake trading app

Crypto scam

TL;DR Breakdown

• Brandon Larsen lost over 50 percent of his tokens with a fraudulent crypto trading app.
• The crypto scam occurred with a fake app.

A young man lost £278,000 in a crypto scam after being hacked. This happened while he was using a fake cryptocurrency mobile app. American Brandon Larsen was stumped after his crypto wallet zeroed out. Computer hackers stole over 50 percent of his fortune ($700000).

Larsen clarifies that the theft occurred after he gave his wallet access to a mobile application. The young man is devastated, adding that he has cried when remembering that unfortunate day.

Brandon Larsen dreamt of being a crypto millionaire

Crypto scam

Like other crypto investors, Larsen wanted to improve his life by joining the new virtual market. However, he did not think that he would suffer from such an organized crypto scam with a mobile application.

The young man wanted to use the “1 inch” App, which used the crypto Ethereum to increase investor profits. But he did not perceive that the application he was downloading was a fake copy of the real App.

Cryptocurrency hackers took a few minutes to steal $3,84,006 from Larsen’s wallet in March. Larsen had neither the courage nor the audacity to make this crypto scam announcement until today.

Larsen says that he is devastated, not so much for the money but for the potential those tokens had. The investor clarifies that to date, he may have lost much more in real value even though cryptocurrencies currently are undergoing a bear market.

Larsen used the tokens for trading, which is why their loss seems significant.

Larsen’s crypto dreams are still alive

Although Larsen suffered from a crypto scam, it is not reason enough to give up on his crypto dreams. Larsen wants to fulfill his dream of being a millionaire with cryptocurrencies, and no one will take that dream away from him.

Among his comments, Larsen clarifies there are still opportunities with cryptocurrencies, and investors should take advantage of them. But Elon Musk‘s comments have positively and negatively affected the cryptocurrency market.

By June, the Dogecoin price surged when Musk, Tesla CEO, posted a few tweets supporting the crypto. However, the crypto market has not come out of a bearish streak since May, when it collapsed.

Bitcoin, the largest-cap cryptocurrency, has lost 7 percent of its value in less than 24 hours. The token is trading between $32,370 according to CoinMarkeCap.

But Ethereum, the token that ranks second for its price, is trading at $2,156 with losses of 6 percent. Cardano and Dogecoin experience an increase in their value of 0.20 percent and 5 percent, respectively. This volatile trend occurs primarily because of the latest UK, China, and Japan regulations against cryptocurrencies.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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