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Scottish Woman to Sell Her House After Losing Almost $200K in Crypto Scam

Here’s How Scammers Adapted to Crypto Winter: Chainalysis

A cryptocurrency fraud left a resident of Scotland’s county Lanarkshire with a debt of £150,000 (almost $190,000). To avoid additional financial problems, she is now forced to sell her home. Despite seeking support from Advice Direct Scotland and the local police, the entities could not help her retrieve the funds.

‘It’s Absolutely Horrific’

Jennifer saw a dubious advert on Facebook featuring the advice expert Martin Lewis and decided to invest her money into a crypto scheme. However, after investing for ten days in a row, her bank started blocking some of the transfers, making her doubt that something was wrong. She invested nearly $190,000 at the beginning of the year via Revolut, and her outstanding debt was so high that she had to sell her home to avoid further financial problems.

“I’ve never been in debt in my life, I’ve never taken out a loan in my life, I’ve never had a credit card bill. I can’t actually quite believe what’s happened to me, it’s absolutely horrific. It’s taken me a long time to get to where I am, and the thought of losing this home, obviously for the sake of my children, is horrific.”

The Scottish resident believes she has been the perfect target for the criminals since she has been “a very vulnerable person.” The local police and Advice Direct Scotland classified her case as a scam, so she could not reclaim the lost money.

Martin Lewis emphasized that people should never invest in schemes that feature his image. Scams are not location-bound, and Jennifer’s case is just one in a series of scams that have recently taken place across the globe.

Another Victim of Crypto Fraud

A Hong Kong woman lost her life savings worth almost $900,000 to a fraudster who contacted her on Instagram and urged her to invest in digital assets with the promise of great returns. When the woman attempted to withdraw some of her funds; she was requested to pay a certain fee. She even tried to borrow money from her daughter before realizing she had been conned. The Hong Kong law enforcement agents classified the case as “obtaining property by deception:” a crime that is punishable by up to ten years in jail.

However, the authorities have not yet detained any suspects.