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British Grandma Loses £65,000 to Crypto Scammers

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Sun, 11/01/2020 - 11:49
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Alex Dovbnya
A British woman falls victim to crypto scammers after trying to send grandchildren to private school
British Grandma Loses £65,000 to Crypto Scammers
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An elderly woman from the U.K. has fallen victim to cryptocurrency scammers, parting ways with £65,000 ($84,000), according to a Nov. 1 report by The Telegraph.  

She became keen on the idea of making money with crypto after watching an episode featuring Bitcoin on the BBC's hit TV show Dragon's Den.

Fool me twice 

Amanda Briggs, which is the made-up name of the 72-year old victim, wanted to use her potential returns to send her grandkids to a private school. 

She ended up putting £$42,000 into confirmed scam broker Extick that got eventually shut down. Her bank, Barclays, warned her against the dubious investment but the grandma refused to pay heed to the sound advice.    

 “The [Extick] people were very persuasive and I could see the upward movement of my investments.”

When the victim decided to withdraw her money, she found out that it had already evaporated, with only a pitiful £91 left in her account.

Briggs' troubles didn’t stop there. A fraudster pretending to be an investigative officer from  Financial Conduct Authority (FCA) contacted the woman a few months afterwards via email and cajoled her into paying £25,000 under the premise of returning her initial loss. 

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Scammers target senior citizens

Such stories are not uncommon. Elder people are the main target of cryptocurrency scammers who have permeated social media.

Last year, an old couple from Australia lost $900,000 worth of pension funds after being swindled by criminals.

Back in April, the Federal Bureau of Investigation (FBI) warned about the growing number of cryptocurrency scams that prey on the elderly.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.