Elderly Australian couple lose $633k of life savings to crypto scam

20 Jul, 2019
by David Borman
Security
Elderly Australian couple lose $633k of life savings to crypto scam

It is being reported by ZyCrypto that a couple from Australia lost 900,000 AUD ($633,000 USD) to a fraudulent cryptocurrency trading website. This comes as crypto scams are on the increase across Australia and the world.

The couple, Mike and Karen Taylor, have explained that while they were enjoying retirement traveling across Australia in their camper, they came across a crypto website that looked legitimate and offered high returns initially. Unfortunately, the couple got overzealous and ultimately invested as much as 900,000 AUD into the website. After this, it was revealed that the site was a scam and their money was gone.

As a result, Mike has had to return to his old job of driving a bus and also sell his 1965 Pontiac to make up for some of the losses. This serves as a dire warning for anyone who goes too deep into their own reserves when investing in crypto, not to mention doing research on who you are giving money to.

In April, the Australian Competition and Consumer Commission (ACCC) released a report that outlined how crypto related scams in the country had risen 190% in just 2018. Consumers need to be extra wary of any promises of high returns from shady companies and projects.

Will this cause more people to pause and reflect before giving money to an exchange they don't know? Will we see more of a crackdown on these scams? Stick with Chepicap for all updates!

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Read more about: Australia Scam

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