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
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
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
×