Man Loses Huge Amount in Crypto Scam That Started With a Text Message

A man from Central Florida lost tens of thousands of dollars in a crypto scam that initially seemed like a scheme to invest in cryptocurrency that began with a text message that was meant to be funny.

“It’s hard to trick me.” “It sounded very real from the start,” Paul told a well-known news channel.

He asked to remain anonymous so that his family wouldn’t know how severe his losses were, but he came forward to warn everyone.

A Text Message That Led to a Costly Mistake

The plan started with a text message that looked like it was sent by accident.

The person asked for “Harry,” and Paul said, “I told them I wasn’t Harry.”

The text conversation went on when the other person asked Paul how he was doing.

The person on the other end said she owned Boynton Health as a business.

They texted back and forth for days and then weeks.

They discussed travel and sent each other pictures. Experts refer to such actions as “financial grooming” when someone gets to know you and starts gaining your trust.

At last, she asked Paul whether he had ever dealt with cryptocurrencies.

Paul recounted, “I said, ‘No, I don’t know anything about crypto,’ and she responded, “Well, I do. I invest in cryptocurrencies and have done very well with it

She offered to teach Paul how to trade and advised him to download crypto apps.

At first, she asked Paul to send $3,000 to a bank in New York. They then transferred the funds to a cryptocurrency account.

Fake Crypto Profits Turned Into a Giant Loss

He made $1,000 right away, which led him to believe the investment was real.

Paul sent an extra $12,000 and then $32,000 over the coming months.

His app told him that the $47,000 he had invested had grown to $196,000.

But when he tried to get the money out, he got a message saying that his account had been frozen because of “insider trading.”

That’s when he realized someone had defrauded him in a crypto scam.

“I gave in.” Paul said, “Mostly because I got greedy and thought I was making a lot of money.”

A forensic financial analyst for the U.S. Secret Service named Brian Watson said, “Investing in crypto is very risky.” The value of cryptocurrency changes so quickly that there aren’t many safe places to invest it.

The FTC says that in the first three quarters of last year, Florida residents lost $624 million to investment scams.

The Better Business Bureau reported that investment scams, including those involving cryptocurrency, continued to be the most dangerous in the year 2024.

Paul’s problems began with an “accidental” text message, which is the most common method used in smishing crimes.

As Watson explained, “There are call centers in different countries and other parts of the world where these people sit in front of hundreds of phones and computers and text people to try to get them to answer.

Now Paul advises and is aware of other people. “If you ever get a text message by accident,” just do one thing: “delete it.”