Canadian Resident Heartbroken After Falling Victim to Crypto Scam, Loses Home and Almost $500K – Here’s What Happened

cryptonews.com:

An Ontario man has allegedly lost his home plus his entire life savings after falling victim to a crypto scam. 

Stephen Carr of Meaford got involved with the scam after watching a YouTube video that promised he could make large amounts of money trading commodities, foreign currencies, and cryptocurrencies. To test the waters, Carr started with a $250 investment and poured another $2,500 after seeing his investment grow. 

At one point, the Canadian resident asked for a $1,000 withdrawal, which he received and gave him confidence the website was legitimate. Subsequently, he invested his life savings of $498,000 from a period in October 2022 to January 2023, as per a report by CTV News Toronto. 

“What I didn't know at the time is this trading platform I was on was a simulation, it wasn't connected to anything, like a flight simulator that’s not connected to a real airplane,” he told the outlet.

After his investment grew to a whopping $1.3 million, Carr tried to withdraw some of his funds. However, he was asked to pay a $150,000 liquidation provision to get his money. He said:

“I got conned, and in hindsight, I put a ridiculous amount of money in this and a ridiculous amount of trust in these people. I’m devastated. I’m in the process of selling my house and have to reorganize my life. I’ve got maybe two or three months of useable cash left, and that's it."

Jason Tschetter of Alberta, who has also lost $81,000 in a crypto scam, started Fraud Hunters Canada, a group that tries to support victims and help them recover their money, last year. However, due to the decentralized nature of cryptocurrencies and limited police resources, it's almost impossible to recover stolen crypto funds.

As reported, the crypto industry