A few hours ago, a business-based blog covered the news on how an 82-year-old couple lost $1.3 million (their life savings) to crypto scammers. According to the report, the crypto scammers managed to extort the couple by instilling fear into them and threatening that their son’s life could be implicated if they didn’t do anything. The report clearly showed that the scammers’ pressure was relentless, and their authority sounded real.
How The Crypto Scammers Extorted $1.3 Million Set Aside for Retirement
In September of 2023, Barbara Cook received a call from an unknown number that claimed they were representatives of Amazon. Prior to the call, Barbara and her husband, Larry, had been having issues with their Amazon account.
So when the call came in, it seemed like it was a call of relief. The callers claimed they represented Amazon’s security team and TD Bank, and they went on to warn Larry that his name and Social Security number had been linked to purchases on the dark web. Within minutes, what sounded like an overdue need for help became the opening for a scam that would drain the couple’s entire life savings.
The crypto scammers first started out building trust by impersonating officials from the Federal Trade Commission. One of the crypto scammers introduced himself as an FTC agent named “Ryan Terry.” He told the Cooks they were helping the U.S. government track cybercriminals. And for the couple to “secure” their funds, the scammers instructed the couple to withdraw all their savings in stages and then convert the money into bitcoin and gold.
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Month after month, Larry emptied their bank accounts and retirement funds and then deposited all the cash into Bitcoin ATMs at gas stations and storefronts. At the same time, they also purchased gold bullion online, which couriers later collected from their homes in Maine and Florida.
When the couple’s bank noticed the constant withdrawals and intervened, Larry denied that there was anything wrong. To him, he believed secrecy was important, and his stance was backed by the official-looking letters bearing a Treasury seal and threats of asset seizure if they spoke to anyone. Even with the obvious red flags, poor spelling, and strange requests, the couples didn’t suspect that anything could go wrong.
In April 2024, the whole thing collapsed after Larry had tried to contact “Terry” only to discover that the WhatsApp account had vanished. When the couple pulled a call to the FTC to confirm the truth, they plainly explained that no such agent existed, and the agency never asks citizens to move money, buy cryptocurrency, or keep investigations secret. By then, the couple had already lost $1.3 million meant for retirement, charity, and family inheritance
Also Read: Bitcoin Cash Eyes 8-Year Breakout: Could $700 Be Next?
