This Canadian man lost his life savings in a YouTube crypto scam

Meaford, Ontario resident Stephen Carr said he lost nearly $500,000 in his life savings after being scammed in a YouTube cryptocurrency scheme.

Fraudsters have repeatedly used the video-sharing website to lure victims. Some have also uploaded fake posts of famous people, including Elon Musk, Steve Wozniak, Bill Gates and Kanye West, who appear to be promoting dubious cryptocurrency investments.

‘I’m doomed’

Recently Interview, Carr said he was involved in a cryptocurrency scam through a video he saw on YouTube. The criminals promised viewers that they could make significant profits if they invested in their scheme.

Initially, the Canadian found nothing suspicious and approached the people. He started with an investment of $250 and later contributed another $2,500.

Shortly after, Carr demanded a $1,000 refund, which the company promptly honored. This gave him more confidence that it was all legitimate, and between October 2022 and January 2023, he invested nearly $500,000 (his entire life savings).

The Canadian had his first doubts when he saw his fund had grown to $1.3 million and asked to cash out some of it. However, the bad actors insisted on paying a $150,000 liquidation fee to complete the withdrawal.

“I was scammed and, in retrospect, I put a ridiculous amount of money into this and a ridiculous amount of trust in these people,” Carr lamented.

The devastated man admitted the fraud forced him to put his house up for sale so he could rebuild his life. “I have maybe two or three months worth of usable money and that’s it,” he added.

Carr said she wants to share her story so others can be careful and not repeat her mistake.

Jason Tschetter — an Alberta resident who was defrauded in a similar scheme last year — recently launched Fraud Hunters Canada (an organization that supports victims and helps them recover funds).

He pointed out that criminals have made cryptocurrency scams the “real deal,” while police lack the time and skills to hunt down and catch criminals.

“Unfortunately, a lot of people go through anger, depression, denial. They try to negotiate with the offender, but it doesn’t work. I’ve talked to a lot of collection agencies, but a lot of them are in the same boat, and they’re fraudulent,” Tschetter said.

More YouTube Crypto Scams

Steve Wozniak – one of the co-founders of Apple – Archived In the summer of 2020, a lawsuit against YouTube was accused of allowing fraudsters to use its face to lure people into fake Bitcoin payments. American inventor and computer programmer lost case in 2021 after the court ruled that his arguments were insufficient.

Wozniak isn’t the only celebrity involved in such scams. Criminals have impersonated Elon Musk, Bill Gates and others over the years.

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