Personal Finance

Man lost $200k in bitcoin scam

  • Last Updated:
  • Jun 6th, 2021 11:25 pm
64 replies
Sr. Member
Jun 25, 2017
833 posts
393 upvotes
Wow this guy is a pure idiot. And he was a game developer?!?! Wow unreal
Sr. Member
Mar 28, 2011
915 posts
685 upvotes
Toronto
Master2031 wrote: Wow this guy is a pure idiot. And he was a game developer?!?! Wow unreal
Game developer does not mean one is not naive

They got him good with initial investment and “returns” but he just couldn’t cash out what was not his anymore…he was too tied up already in the scam

If he kept investing I can see how would lose money but if he fell for any of the send me more money to release your money…then that’s on him
Deal Addict
Feb 4, 2010
4668 posts
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You think people would learn by now that quick rich schemes don't work - you're just inviting trouble. I'm one of those people that believes you need to earn money with integrity - karma is always at play so if you don't, it's going to come back and bite you at some point.

He even ignored his instinct..."But as his supposed returns grew, so did a gnawing, pit-of-his-stomach feeling that something wasn’t right."...that's what instinct is, to you warn you something's not right!!

Bit coin is a joke - I pity people who are falling for that scam.
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Jan 27, 2004
45849 posts
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T.O. Lotto Captain
hierophant wrote: You think people would learn by now that quick rich schemes don't work - you're just inviting trouble. I'm one of those people that believes you need to earn money with integrity - karma is always at play so if you don't, it's going to come back and bite you at some point.

He even ignored his instinct..."But as his supposed returns grew, so did a gnawing, pit-of-his-stomach feeling that something wasn’t right."...that's what instinct is, to you warn you something's not right!!

Bit coin is a joke - I pity people who are falling for that scam.
Bitcoin is real . . .
You just need to buy it from a trusted bitcoin exchange.
[OP]
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Jan 27, 2004
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hierophant wrote: You think people would learn by now that quick rich schemes don't work - you're just inviting trouble. I'm one of those people that believes you need to earn money with integrity - karma is always at play so if you don't, it's going to come back and bite you at some point.

He even ignored his instinct..."But as his supposed returns grew, so did a gnawing, pit-of-his-stomach feeling that something wasn’t right."...that's what instinct is, to you warn you something's not right!!

Bit coin is a joke - I pity people who are falling for that scam.
Bitcoin is real . . .
You just need to buy it from a trusted bitcoin exchange.

https://www.investopedia.com/kraken-vs-coinbase-5120700

Investopedia, the Wikipedia of investments actually made an article on the 2 biggest / most established crypto exchanges.

Its like saying "the stock market isn't real because Bernie Madoff was a ponzi scheme..."
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Feb 4, 2010
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UrbanPoet wrote: Bitcoin is real . . .
You just need to buy it from a trusted bitcoin exchange.

https://www.investopedia.com/kraken-vs-coinbase-5120700

Investopedia, the Wikipedia of investments actually made an article on the 2 biggest / most established crypto exchanges.

Its like saying "the stock market isn't real because Bernie Madoff was a ponzi scheme..."
No thanks, I'll stick to cash ...you missed my point.
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Jan 16, 2011
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The NORTH
I love the tag line, 'Words Of Warning' At this point if people haven't figured it out they deserve what they get.
Newbie
Aug 13, 2015
11 posts
1 upvote
Brampton
I am a small time investor in Bitcoin. I opened an account in 2018 with just $100 in it to try it out. It didn't really grow for years. Finally, in late 2020 my initial investment tripled coercing me to invest another $3000 more . Then that doubled by January 2021. My fortune teller in me told me to cash out, which I did after much adversity trying it get it out of my cryptocurrency exchange. I mean $6300 for playing the markets, not bad right? However, I took the plunge again when I heard by March BTC hit $1 billion thinking my investment would multiply again and reinvested $3000. Boy, was I wrong. I've now lost over $1000 principle and wavering whether to cash out again before I lose everything. I just find crypto to be so risky, never know when it's going to go up or down.
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Feb 8, 2014
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Dear god.

If i was going to invest big bucks i would be doing loads of due diligence.
Hell i did more due diligence then this guy before i invested $1,000 in Questrade.
I read up about the organization and even looked into what kind of recourse (coverage) i would have if they folded despite being legitimate ($1 million).
In fact in Rand McNally they wear hats on their feet and hamburders eat people
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Sep 21, 2007
7971 posts
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so.. lets say the guy puts all his money in at the peak of BTC.. it's lost 45% of it's value from the peak.. Couldn't be that bad.. it's basically he lost it in the market lmao.
"An essential aspect of creativity is not being afraid to fail." -- Edward Land
[OP]
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Jan 27, 2004
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dentrobate54 wrote: I am a small time investor in Bitcoin. I opened an account in 2018 with just $100 in it to try it out. It didn't really grow for years. Finally, in late 2020 my initial investment tripled coercing me to invest another $3000 more . Then that doubled by January 2021. My fortune teller in me told me to cash out, which I did after much adversity trying it get it out of my cryptocurrency exchange. I mean $6300 for playing the markets, not bad right? However, I took the plunge again when I heard by March BTC hit $1 billion thinking my investment would multiply again and reinvested $3000. Boy, was I wrong. I've now lost over $1000 principle and wavering whether to cash out again before I lose everything. I just find crypto to be so risky, never know when it's going to go up or down.
Quentin5 wrote: Dear god.

If i was going to invest big bucks i would be doing loads of due diligence.
Hell i did more due diligence then this guy before i invested $1,000 in Questrade.
I read up about the organization and even looked into what kind of recourse (coverage) i would have if they folded despite being legitimate ($1 million).
faken wrote: so.. lets say the guy puts all his money in at the peak of BTC.. it's lost 45% of it's value from the peak.. Couldn't be that bad.. it's basically he lost it in the market lmao.
oh wait... he didn't lose it due to plunging prices.
He lost it because someone had a company that pretended they were investing in bitcoin for him. But they were just secretly running away with the money.
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UrbanPoet wrote: oh wait... he didn't lose it due to plunging prices.
He lost it because someone had a company that pretended they were investing in bitcoin for him. But they were just secretly running away with the money.
Like i said i made sure the 1K i invested was with a legitimate company and even looked into what happens if they go under.
Likewise i had never heard of EQ bank, i also made sure they were legitimate and read about their history before opening an account.

I don't condone these scammers or blame this guy for being scammed, but in order to prevent it you have to be very, very, very proactive. If i lost 1K i'd be pissed, losing 200K will affect the rest of his life.
In fact in Rand McNally they wear hats on their feet and hamburders eat people
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Quentin5 wrote: Like i said i made sure the 1K i invested was with a legitimate company and even looked into what happens if they go under.
Likewise i had never heard of EQ bank, i also made sure they were legitimate and read about their history before opening an account.

I don't condone these scammers or blame this guy for being scammed, but in order to prevent it you have to be very, very, very proactive. If i lost 1K i'd be pissed, losing 200K will affect the rest of his life.
Oh yah! OKay you get it, i misunderstood.
I wanted to invest in bitcoin and crypto for a while... but I didn't know who to trust. Finally did it just last week with KRaken.
Its worked out so far. Bought dogecoin on the dip... almost doubled up!
I also like it because its based on a doge.

Good thing I never went with Quadriga... I got the creeps and backed out. It seemed weird that they took forever to approve my account.
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Oct 13, 2007
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Article says $200,000 lost. His video says $150,000. His GoFundMe page is looking for $10,000. I wouldn’t even trust this guy.
Deal Addict
Dec 27, 2007
3603 posts
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Edmonton
He set up a GoFundMe to lose more money?

Shoulda set him up with a GoGetBent
warming up the earth 1 gas fill-up at a time...
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Feb 4, 2010
4668 posts
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dentrobate54 wrote: I am a small time investor in Bitcoin. I opened an account in 2018 with just $100 in it to try it out. It didn't really grow for years. Finally, in late 2020 my initial investment tripled coercing me to invest another $3000 more . Then that doubled by January 2021. My fortune teller in me told me to cash out, which I did after much adversity trying it get it out of my cryptocurrency exchange. I mean $6300 for playing the markets, not bad right? However, I took the plunge again when I heard by March BTC hit $1 billion thinking my investment would multiply again and reinvested $3000. Boy, was I wrong. I've now lost over $1000 principle and wavering whether to cash out again before I lose everything. I just find crypto to be so risky, never know when it's going to go up or down.
It's risky because it's premised on nothing. Something simple as Elon Musk making a tweet can make it plunge - no other currency does that. Doge was made as a JOKE by the makers and now is one of popular BC, that says a lot it and people investing in it, which I'm going to guess are mostly white Millennial men.

There's tons of content out there warning people. I love the ones by Trevor Noah and The Daily Show.
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Sep 21, 2007
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UrbanPoet wrote: oh wait... he didn't lose it due to plunging prices.
He lost it because someone had a company that pretended they were investing in bitcoin for him. But they were just secretly running away with the money.
I read the article... I'm just saying even if he put money in at that time he would be down now anyways
"An essential aspect of creativity is not being afraid to fail." -- Edward Land

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