A Maryland woman lost a staggering $3 million in a cryptocurrency scam, highlighting the dangers of online investment fraud.
The Setup: Building Trust
The scam began with contact from a female scammer via a Korean messaging app. Over several weeks, the scammer built a relationship with the victim, gradually earning her trust. The scammer then suggested investing in cryptocurrency, showcasing a seemingly legitimate investment portfolio that reported impressive 80% profits. The victim, seeing these fabricated returns, invested her life savings. The ease of the process and the impressive returns masked the scam’s true nature, especially for someone new to cryptocurrency.
The Pig Butchering Scam
This was a classic “pig butchering” scam. These scams involve building trust over time before ultimately swindling the victim. Often, scammers allow small initial withdrawals to further solidify the victim’s belief in the legitimacy of the investment. They even go so far as to coach victims on how to respond to law enforcement inquiries.
The Aftermath and Recovery Scams
The FBI warns that victims of these scams are often targeted again. After losing significant sums, victims are frequently contacted by fake “recovery companies” promising to retrieve their lost funds for a fee—another layer of the scam. This secondary targeting adds insult to injury, leading to even greater financial losses.
Protecting Yourself
This case serves as a stark reminder of the importance of caution when investing online. Always thoroughly research any investment opportunity before committing funds, and be wary of anyone promising unusually high returns. If something seems too good to be true, it probably is.
