Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

'We lost our life savings in a cryptocurrency scam'

'We lost our life savings in a cryptocurrency scam'

Joseph had run his own business for years and had built up a tidy sum in savings for retirement.

He planned to use the money to buy a mortgage-free bungalow for him and and his wife to live out the rest of their days.

In a bid to top-up those savings he was drawn into investing online - a move into cryptocurrency trading that left him at the mercy of suspected fraudsters and drained his life savings.

"My wife and I are very upset," he said. "We have lost our lifestyle and our plans."

Joseph is not his real name. He is in his 70s and feels vulnerable and distraught about what happened.

"I wanted to do this online trading as everyone was saying how good it was, to give us a better lifestyle," he said.

Assuming he was making profits, he was drawn into a cycle of investing more in order to get money out.

The scammers said they needed 10% from him to get his money out. He said he was ill, and collapsed while on the phone and they were still on the line when paramedics arrived.

During his illness, he kept getting text messages asking for more funds. He was confused and agreed to hand over more money and eventually lost more than £250,000 in life savings.

Banks have been issuing warnings about fraudulent cryptocurrency trading, and are unlikely to refund any of his losses.


"I thought I was good with my money. It was really when I came out of hospital that the shock of what I'd done hit me," Joseph said.

"The money was for our retirement and any future healthcare we needed. I have no means to recoup the money I've lost as I'm retired."

Citizens Advice said that 36 million adults had been targeted by a scammer so far this year. Of those, 12% were by someone offering a fake investment or get-rich-quick scheme.

"Scams come in many guises, whether it be a get-rich-quick scheme or the promise of romance. It's easy to think it'll never happen to you, but the reality is anyone can be targeted and anyone can be tricked," said Matthew Upton, director of policy at the charity.

Potential harm


A host of charities have been calling for scam adverts to be included in the government's Online Safety Bill, which will soon be scrutinised by MPs and Lords.

One of those, the Money and Mental Health Policy Institute, said that millions of internet users, particularly those with mental health problems, were in danger of losing money or sensitive personal information to scammers.

It said there were also risks of confusion as technology companies would be expected to remove some scams from their websites, but not others.

Martin Lewis, who founded the charity, said: "The UK is facing an epidemic of scam adverts. Our advertising rules were set up to police soap manufacturers making false cleanliness claims, not to tackle sophisticated, psychologically adept, digital organised crime, based around the world.

"This has left many scammers untraced, un-investigated, and unpunished. Many get away with these crimes with impunity."

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×