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Cryptocurrency Scam: $300,000 in Retirement Savings Stolen
DENVER (KDVR) — A new wave of cryptocurrency scams are targeting victims through social media pages, robocalls and even reports.
Scammers stole more than $3.4 billion last year alone, according to the FBI. Leonid Shteyn told FOX31 that after 30 years in the business, he has never seen anyone operate as smoothly as the scammers who stole his retirement savings.
“They took almost $300,000,” he said.
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Shteyn was approached by a man who offered him the chance to make a lot of money investing in cryptocurrency. He said he didn’t suspect anything because a friend had recommended him and the scammer’s payment account was at Bank of America.
The scammers confiscated his funds.
“I couldn’t withdraw my money,” he said.
Is it possible to get your money back after a cryptocurrency scam?
FOX31 Troubleshooters asked tech security expert Donald McLaughlin to Cyber CP on the possibility of recovering losses. He warned that, unlike regular transactions, cryptocurrency transactions are not insured or regulated.
“If you get scammed and your money is taken, there’s nothing you can do about it. The bank can’t do anything about it,” he said.
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Most victims are targeted through robocalls and emails, but social media is now turning into a scammers’ playground.
“They’ll do email, but the biggest push right now is social media. So TikTok, Facebook, Instagram,” McLaughlin said.
Shteyn said he will continue to fight to get his money back.
“I lost all this money. It was devastating,” she said.