No Result
View All Result
Advertise
Submit a Press Release
Contact Us
Coindoo
  • Cryptocurrency News
    • All
    • Bitcoin News
    • Cardano News
    • Ethereum News
    • IOTA News
    • Litecoin News
    • Ripple News
    • TRON News
    Lumi Wallet

    Black Friday offer: Lumi Wallet Offers 12.5% Off Crypto Purchases

    Cryptocurrency Libra

    Everything You Need to Know About Facebook Cryptocurrency Libra

    Thailand

    Thailand SEC Plans to Adjust Existing Crypto Laws to Improve Growth

    Melnicki

    Ben Melnicki of Ripple Becomes Co-chair of Blockchain Association

    NANO

    Binance US Adds Support for Nano (NANO) Coin

    blockchain

    Can Bitcoin and Blockchain Help Avoid a New Financial Crisis?

    Trending Tags

    • ethereum
    • ripple
    • Tron
    • bitcoin
  • Analyzes & Reviews
  • Guides & Tutorials
    avoid paying high fees

    Learn How to Avoid Paying High Fees on Crypto Exchanges

    dark pools high-frequency trading

    High-Frequency Trading and Crypto Dark Pools: How Do They Work? | 2019 Update

    Passive Income

    Top Cryptocurrencies to HODL for Passive Income in 2020

    Bitcoin gifts

    Best Bitcoin Gifts for Crypto Enthusiast | Christmas 2019

  • Events
No Result
View All Result
Coindoo
No Result
View All Result
Home Cryptocurrency News

Australian Couple Lose Over $633,000 in Crypto Scam

Joshua T. by Joshua T.
July 20, 2019
in Cryptocurrency News

An old couple in Australia has reportedly fallen victim of a crypto scam operation. According to the couple, this scam wiped out their retirement savings.

Over $633,000 Up in Flames

The couple, Mike and Karen Taylor say that they got caught up in the crypto investment scheme while travelling around the country in a camper van. It was then they made the decision to invest some of their savings through a website.
As time went by they tapped into their pension until their total investment reached $633,000 ($900,000 AUD). Months later their money was gone.

According to Mike Taylor, the website looks very legitimate but after a few month, they were never paid their capital or returns.

Mike Taylor, who is a bus driver, said: “That was the whole of our superannuation – that’s now gone.” According to the report, Taylor will return to work, and he plans to sell his 1965 Pontiac to make some money.

High yield crypto investment program has been on the rise in recent times. The sad news is that most of this project is designed around the basic idea of a Ponzi scheme. Reportedly, fraudsters made off with$4.3 million ($6.1 million AUD) in 2018.

According to a recent study conducted by the ACCC; the Taylors are just a few of a rapidly growing number of Australians being targeted by cryptocurrency criminals. “Online scammers generally tricked consumers into buying various cryptocurrencies through fake platforms, but when consumers tried to cash out their investments, scammers “made excuses or were no longer contactable,” explained the ACCC report.

These investments schemes are known to ask victims to pay for forex trading, commodity trading or other investment opportunities in cryptos. The scammers usually advise their victims to visit bitcoin ATMs to convert fiat into the cryptocurrency and then transfer it to them.”

Reportedly, out of the total cryptocurrency scam reports in 2018, almost half of them were made by men between the ages of 25 and 34, the commission said.

U.S top financial watchdog— the S.E.C has warned against this type of scam last year. The agency went further to create a sample website for such operation, just to show how easy it is to get dragged into these schemes.

Tags: cryptoscamSEC
Joshua T.

Joshua T.

Olanrewaju Joshua is a Freelance writer, who loves to write about anything related to technology. His interest in Cryptocurrency started in 2015, and it has not stopped since.

Related Posts

blockchain

Can Bitcoin and Blockchain Help Avoid a New Financial Crisis?

by Ionela C.
November 19, 2019
0

Could blockchain, bitcoin, and crypto wisdom help prevent the next financial crisis? Maybe, but only if it’s implemented. If you’ve...

IRS

IRS Delivers Tax Refunds to Crypto Holders With Accurate Reports

by Tony P.
November 18, 2019
0

The U.S. Internal Revenue Service (IRS) has issued tax refunds to crypto holders who filed and submitted accurate reports. This...

IRS

IRS Is Investigating Cryptocurrency ATMs and Kiosks

by Tony P.
November 17, 2019
0

The Internal Revenue Service (IRS), which is the revenue service wing of the U.S. government, recently announced that it would...

blockchain

All About Blockchain Technology ׀ Beginner’s Guide

by Anca F.
October 14, 2019
0

What Is a Blockchain? A Blockchain is a decentralized database or digital ledger of cryptocurrency transactions that can be seen...

Crypto derivatives

What the Future Holds for Crypto Derivatives

by Lavinia C.
October 14, 2019
0

The cryptocurrencies market have never been stable, and yet, people still believe it can be the future of our economy....

Load More

We Recommend

Top Rated Casinos
Bitstarz Casino

1xBit Casino

BitcoinCasino.io
Top Rated Exchanges
Binance Exchange
Top Advertising Services
Coinzilla Display Network
Our Latest Reviews
Abra Wallet review

Abra Wallet Review

Abra is a multi-crypto mobile wallet and exchange platform. It supports
BitMart exchange

BitMart Exchange Review

BitMart is a crypto exchange that supports a wide variety of
eToro review

eToro Exchange Review

eToro is a very useful tool for anyone looking to invest
View All Reviews

Editor's Choice

Blockchain Analyzes & Reviews

MyCointainer: The Easiest Way to Make Crypto Earnings

by Anca F.

Cryptocurrencies

UK Cryptocurrency: Best Reasons to Buy Cryptocurrencies

November 15, 2019
cryptocurrency online gambling

How Crypto and Blockchain Are Shaping the Online Casino Industry

November 6, 2019
BitMix.Biz

BitMix.Biz: Secure Their Cryptocurrency with Bitcoin Mixer

November 5, 2019

5 Minutes of Blockchain & Cryptocurrency News!

We completely understand that your inbox is already full of junk emails. We promise that we gonna try to keep it clean by sending a daily newsletter with our latest news. You can always choose to unsubscribe to our newsletter if you're not satisfied.
coindoo icon
  • Contact Us
  • Advertise
  • RSS Feed
  • About Us
  • Partners
  • Terms & Conditions
  • Privacy Policy

© 2017-2019 Coindoo by Brantell Media.

The information on this website and the links provided are for general information only and should not constitute any financial or investment advice. We strongly recommend you to conduct your own research or consult a qualified investment advisor before making any financial decisions. We are not responsible for any loss caused by any information provided directly or indirectly on this website.

No Result
View All Result
  • Cryptocurrency News
  • Analyzes & Reviews
  • Guides & Tutorials
  • Events

© 2017-2019 Coindoo by Brantell Media.