Reported Losses of Millions for Maryland Woman in Cryptocurrency Scheme
According to reports, a Maryland woman lost millions of dollars after becoming ensnared in an increasingly prevalent cryptocurrency scheme that was largely orchestrated by scammers from Southeast Asia.
CBS News reported that the female fraudster initially contacted the victim through a South Korean messaging application.
After spending weeks gaining trust, the scammer gradually requested money, claiming it was for investing in cryptocurrency, and showcased a seemingly legitimate portfolio.
“I invested over $3 million, which indicated my profits were almost around 80%,” the victim said.
“As she gained more of my trust, I would pour in more money. You can’t tell unless you know what you’re doing—especially if you’ve never dealt with cryptocurrency before.”
Eventually, the woman fell victim to a “pig butchering” cryptocurrency scam. Pig butchers take their time to gain the trust of targeted victims before persuading them to pay for investments in cryptocurrency.
The Federal Bureau of Investigation (FBI) noted that scammers often allow their victims to withdraw a small portion of their money initially to establish trust. They also guide victims on what to say in case law enforcement gets involved.
FBI agent Jeremy Capello stated that targets often suffer further losses.
“They will lose hundreds of thousands of dollars in the scam, and then the same scammers posing as recovery firms will contact them again, telling victims, ‘If you pay us a fee, we can recover your cryptocurrency.’”
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