Canadian man loses $ 500,000 and his home due to cryptocurrency scam on YouTube

A Canadian resident lost almost half a million dollars and put his house up for sale after falling victim to a cryptocurrency scam. According to Stephen Carr in a recent interview with Toronto.CTWNews, he came across the attackers on YouTube — in one of the videos, the fraudsters promised investors significant profits.

After watching the video, the Canadian clicked on the fraudulent link and made his first investment of $ 250,000. After that, the user invested another $ 2500, hoping for twice as much profit. As Stephen Carr explained, everything seemed legitimate at first, and some time after the initial investment, he withdrew $ 1000 from the platform, which did not cause any problems, so the investor continued to invest.

In total, from October 2022 to January 2023, the unfortunate investor sent almost $ 500,000 to the fraudsters' accounts — all his savings. The problems began when the Canadian wanted to withdraw part of the amount from the platform — the funds in Carr’s account grew to $ 1.3 million, and the man planned to spend some of them. However, the attackers said that the investor could not withdraw the funds until he paid a $ 150,000 fee.

«I was deceived, I invested a huge amount of money, I believed these people,» said Stephen. The man admitted that in order to invest almost half a million in the fraudulent project, he put his house up for sale. Carr hoped that investing in cryptocurrencies would change his life for the better, but it didn’t. «With the money I have left after investing, I can live for two or three months ,» the deceived investor said.

A Ukrainian also recently lost his savings to a fraudulent crypto project. A resident of Mykolaiv transferred UAH 400,000 to the offenders' account — the man wanted to invest in digital assets, and the criminals promised quick profits. As it became known, the 35-year-old Ukrainian followed an unknown link on the Internet that urged users to invest in cryptocurrencies. It is currently unknown which tokens the Ukrainian wanted to invest his savings in. Realizing that he had been deceived and stolen all his money, the unfortunate investor turned to law enforcement agencies.