ORLANDO, Fla. – A man from Central Florida fell victim to a cryptocurrency investment scam that began with what seemed to be an “accidental” text message.
“I consider myself hard to deceive. But from the outset, it came across as very credible,” Paul shared with News 6.
He chose to remain anonymous as his family does not know how much he has lost, but he wanted to bring awareness to others.
The con began with what looked like an accidental text message.
“Someone was asking for ‘Harry,’ and I replied that I wasn’t Harry,” Paul recounted.
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The exchange continued through text messages, with the individual inquiring about Paul’s wellbeing.
The person claimed to be a business owner at Boyuan Health.
What followed was a texting interaction that spanned days, eventually turning into weeks.
They shared photos and discussed travel plans.
Experts term this process “financial grooming,” where trust and rapport are slowly established.
Eventually, she inquired if Paul had any experience with cryptocurrency.
“I replied, ‘No, I don’t know anything about crypto,’ and she told me, ‘Well, I do. I invest in crypto, and it has been successful for me,’” Paul recounted.
She encouraged Paul to download cryptocurrency apps and offered to instruct him in trading.
At her suggestion, Paul initially transferred $3,000 to a New York bank, which subsequently went to a cryptocurrency account.
He quickly gained $1,000, which led him to believe the investment was genuine.
Over the ensuing months, Paul sent an additional $12,000 followed by $32,000.
His app indicated that his $47,000 investment had soared to $196,000.
However, when he tried to withdraw his money, he received a notification stating his account was frozen due to “insider trading.”
That moment made him realize he had been duped.
“I fell for it. Mostly because I got greedy and thought I was earning a lot of money,” Paul confessed.
Brian Watson, a forensic financial analyst with the U.S. Secret Service, cautioned, “Investing in crypto carries significant risks. There are very few reputable options for investing in cryptocurrency due to its volatile nature.”
The Federal Trade Commission noted that Floridians lost $624 million to investment scams during the first three quarters of the previous year.
The Better Business Bureau highlighted that investment scams, especially those involving cryptocurrency, remained the highest risk in 2024.
Paul’s experience began with an “accidental” message, a frequently used smishing method employed by scammers.
“There are specific call centers around the world where individuals sit in front of numerous phones or computers, sending out text messages to entice responses,” Watson elaborated.
Paul now advises others, “If you receive an accidental text message, just ignore it.”
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