Canadian Man Lost Life Savings in Youtube Crypto Scam

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Stephen Carr, a Canadian, claimed to have lost all of his life’s savings of approximately half a million dollars after falling for a cryptocurrency scam on YouTube. Carr claimed in a recent interview that a YouTube video led him towards a cryptocurrency hoax. The culprits assured viewers they could invest in their scheme and make sizable profits.

The video platform has been misused by scammers to attract victims numerous times. Sometimes, it has gone to the extent of uploading phony audio clips of well-known individuals, including the audio of Elon Musk, Steve Wozniak, Bill Gates, and Kanye West who appeared to be endorsing questionable cryptocurrency investments.

The Canadian got in touch with the people and discovered nothing unusual. He made a $250 initial deposit and soon after added another $2,500. After some time, Carr asked for a $1,000 withdrawal, which was granted right away. As a result of having more faith that everything was real, he invested close to $500,000 between October 2022 and January 2023.

When he saw his money grow to $1.3 million and requested to cash out some of it, he began to have a bad feeling when the malicious actors required him to pay a $150,000 liquidation charge in order to finalize the withdrawal. 

The Ontario resident states: 

“I got conned, and in hindsight, I put a ridiculous amount of money in this and a ridiculous amount of trust in these people.”

Canadian Man Sold House to Restructure his Life

The man revealed that the present financial condition had compelled him to sell his home in order to restructure his life. Carr claimed he wanted to share his experience to warn others. 

Recently, Jason Tschetter, an Albertan who was scammed in a similar manner last year, founded an organization named Fraud Hunters Canada.

It’s important to consider the fact that in the summer of last year, a malware known as “PennyWise,” was reported to be spreading through YouTube and was claimed to have caused loss.

 

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