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Crypto scam: Investor loses over 1.5 million dollars to fraudulent app

Crypto scam

TL;DR Breakdown

• The crypto Investor trusted an App that a girl recommended him.
• Steve Belcher confesses that he lost his retirement funds in the crypto scam

Less than a week before the year 2022 – which has been promised to be the best year for crypto yet – began, another investor has lost significant amounts of money in a new crypto scam. After making an unfavorable investment, the man reported he has lost around $2 million in crypto.

Cryptocurrency scams have continued to be on the rise as more people adapt to the new financial market. These cryptocurrency thefts occur due to some people’s ignorance and lack of research

about the companies they provide their funds to.

How does the crypto scam work?

Crypto scam

Recently Steve Belcher, a man of only 52 years of age looking to make money through crypto investments, lost a large part of his funds by relying on an application. According to Belcher, the crypto scam was generated after meeting a girl on a dating app with whom he had several things in common.

Belcher’s conversation with the girl reached a turning point where they talked about “cryptocurrencies,” where the man confessed to having earned more than $70,000 in investments. After Belcher admitted that he was so involved with cryptos, the mystery girl invited him to invest within a mobile App that seemed real at first glance.

Belcher sent a portion of his funds, including his retirement funds, to the account that appeared on the app, and everything seemed normal. It is believed that the crypto scam was by passive investment where the enthusiast earns a percentage of the money he deposited each day. Even Belcher backs up the idea by saying he withdrew the winnings the first few days, but the app blocked him when he tried to do it en masse.

After witnessing this impediment in the fund’s withdrawal within the crypto investment App, Belcher contacted technical support, who suggested that he pay the credit units to withdraw the money. The app required Belcher to deposit $1.5 million under the threat that if he did not do so, his accounts would be frozen, to which the victim agreed. As expected, the man deposited the money and, afterwards, the mobile application stopped working.

Complaints about crypto scam

After Steve Belcher fell victim to the crypto scam, he went public with the modus operandi so other people would not fall for it. The scam consists of the investor meeting a stranger online who encourages him to invest in an app or website that supposedly brings profits.

Although Belcher has not recovered the money, he has made a complaint to the FBI. The law enforcement agency may track down hackers who control the app or alternate mobile apps with the same scam mode. The victim did not mention the crypto he invested in, much less made public the name of the “girl” he met in the dating app.

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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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