A St. Francis woman lost over $80,000 to a Facebook crypto investment scam that promised false gains. She initially invested $30,000, later paid an additional $30,000 in fake taxes, believing she was profiting. Experts warn against social media investment schemes and advise verifying broker credibility.
A St. Francis couple had a shocking experience involving a cryptocurrency scam during their wedding anniversary. The woman believed she had made significant gains from an investment but was soon faced with the reality that she had lost over $80,000. Her husband, Scott Johansson, initially thought it was too good to be true when he saw her excitement about the supposed profits.
The scam originated on Facebook, where the woman was lured into making an initial investment of $30,000. Over time, the scam appeared to be lucrative, with her investment reportedly doubling. Encouraged by these fictitious gains, she eventually increased her investment to $55,000. However, when she attempted to withdraw her funds, she was informed of an additional payment of $30,000 in alleged taxes and fees, which she paid in hopes of retrieving her original funds.
April DeValkenaere, a certified cryptocurrency investigator, elaborated on the mechanics of such scams. She noted that scammers often entice victims with smaller initial investments, showcasing inflated profits within a short time frame. Victims can see these profits on professional-looking platforms, leading them to invest further. Unfortunately, by the time victims realise the truth, their money has frequently vanished into a web of untraceable transactions.
Tracking stolen cryptocurrency is particularly challenging due to the decentralised nature of digital assets. Once the funds are transferred, they can be laundered and obscured almost immediately, making recovery efforts extremely difficult. Following this incident, Johansson and his wife reported the scam to the authorities, who indicated that recovery was highly unlikely, with suspicions pointing to scammers operating from Nigeria.
To avoid falling victim to similar scams, DeValkenaere suggests recognising warning signs, such as being asked to pay taxes prior to withdrawing funds. Legitimate investments would not require such upfront payments. She also recommends verifying investment offers against trusted sources like Finra.org, which provides information about brokers’ licensing and professional histories. As Johansson emphasised, “If it sounds too good to be true, it’s fake.”
