Crypto-scam: Fraudulent Investments

Cryptocurrencies such as bitcoin promise quick profits – an attraction that aids scammers fleecing investors of their funds.

Transcript

00:00 Laura's story starts while trying to form new connections online.

00:04 After a while this guy he says we have this type of cryptocurrency.

00:11 I wanted to learn how cryptocurrency works so and this person was so kind.

00:16 He said I'm going to teach you.

00:19 Cryptocurrencies such as Bitcoin are popular as an investment.

00:23 The risk is high and so are the potential profits.

00:26 But cryptocurrencies are poorly regulated, transactions difficult to trace,

00:31 which also makes them highly attractive for organized crime.

00:35 So I trusted this person, you know, I let him teach me.

00:42 You invest in the website, you can see your funds there, you can take out the money.

00:49 The scammers maintained contact with the victims for months, persuading them to invest more and more money.

00:56 Laura thought the website was legitimate.

00:59 She was convinced she was investing her savings well.

01:02 Instead, her money flowed into a crypto wallet, a kind of digital account, and was in the hands of the fraudsters.

01:09 I wanted to withdraw a couple of thousand dollars and I couldn't withdraw them.

01:17 And this person was pushing me to invest more money into this cryptocurrency.

01:23 Then the website went offline. The scammer no longer replied and the money was gone.

01:30 This form of online fraud is known as pig butchering.

01:33 The fraudster fattens the victim up before taking them to the slaughterhouse.

01:38 And you're left wondering, why is this person doing this to me?

01:43 to me.

01:43 [BLANK_AUDIO]