The misadventure of a man living near Vichy in the Allier region serves as a cautionary tale for anyone considering an investment in cryptocurrencies. Before investing, it is essential to verify the reliability of any trading platform. This case provides a clear example of why that is so important.
A serious scam
The man lives in Creuzier-le-Vieux, a small town near Vichy. Drawn to cryptocurrencies, he decided to invest part of his savings in digital assets. In December 2017 he placed his trust in what was presented as an Anglo-Saxon bank. He says he was contacted by email by an individual who offered him the opportunity to invest €500. The man in his fifties agreed, and at first he saw significant profits quickly credited to his account.
A few weeks later his “advisor” contacted him again with a new proposal. He recounts: “He pushed me, assuring me that if I invested €20,000 immediately I would receive an immediate 10% profit. I went to my bank to withdraw the money. My bank advisor had serious doubts, but I didn’t listen. I was sure of my decision.”
He then attempted to withdraw his funds. The scammers had gained his trust and urged him to invest €30,000 next with the promise of a 30% return. A few days later he transferred an additional €26,000. Several warning signs were already present: on this occasion he had to send a total of €56,000 to a Maltese bank.
A devastating scheme
When the promised payouts stopped arriving, he contacted the “bank” and his “advisor,” who claimed the issue was a blockage at his bank. Sadly, the rest is predictable. It was a complete scam, and the man now faces the likelihood of never recovering his funds: “This bank was entirely fake. They don’t have a SIRET number or any legal entity. At the time I didn’t think about that. I have no hope of getting my money back. But I want at least for this bank to be recognized as a fraud so that it doesn’t happen to anyone else.”
The man has filed a complaint at the Vichy police station and hopes that publicizing his experience will warn others thinking about investing. It is far safer to use well-known, regulated, and secure exchanges when placing your money. Consider this a reminder to conduct thorough checks before trusting any online financial service.