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Man Loses Over $700,000 in BTC to Alleged Bitcoin Trading Scam Advertised on YouTube

Man Loses Over $700,000 in BTC to Alleged Bitcoin Trading Scam Advertised on YouTube
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A man from northwest England lost over $700,000 in bitcoin after falling prey to an alleged investment scam that was advertised on YouTube.

44-year-old Naveed Seghir, who runs his own home cinema business, told the BBC in an interview that he had been tricked into delivering bitcoin and cash by scammers who pretended to be agents of a disguised fake investment company.

“I was watching YouTube videos, saw an ad offering an opportunity to invest in stocks and shares and filled out a form asking for more information.

The next day I got a call from a guy who called himself a customer service agent and paid £250 to start trading.

The day after I was called again, this time by someone who described himself as my account manager and gave a username and password to a very convincing trading site.”

Small has made several payments to the scammers starting in May, each time being lured by promises of big returns and, eventually, assurances to recoup his growing losses.

By the end of August, he had given them the equivalent of $25,000 in cash and 14.25 BTC, worth about $707,000 at the time of writing.

According to a recent report by blockchain statistics firm Chainalysis, Western Europe sends more cryptocurrency to illicit addresses than any region in the world. The report says the vast majority of the money sent is related to fraud, while some relate to things like darknet markets or terrorist financing.

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

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