Tuesday, November 29, 2022

Former FBI Agent: There’s A Special Place In Hell For Crypto Scammers

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Former FBI agent Curtis Ting who is now a Senior Director at Kraken believes that there’s a special place in hell for crypto scammers because they get inventive and could con the vulnerable and elderly investors so let’s read more about today’s latest cryptocurrency news.

The former FBI agent believes that the investors to be utterly cautious when trading crypto because the space is full of scammers and in his view, there’s a special place in hell for crypto scammers that try to steal from the elderly. The people wanting to join the crypto train should know that the space Is rammed with the scammers that try to rob inexperienced investors. Kraken’s managing director for Europe, Africa, and the Middle East argued that such crime is among the biggest violations:

“I’m a former law enforcement official myself, I also have two living grandparents. Frankly, there’s a special place in hell reserved for scammers and fraudsters who try to rob the vulnerable and the elderly.”

Ting’s comments came in relation to a fraud that involved 77-year-old Graeme Stagg who lost over $1,000,000 due to a scam and the former military man used Kraken’s platform to send the funds to the scammers. The executive explained that the company has flag identification control for people over a certain age:

“Not only do they get flagged, but you also see certain transaction amount levels in association with those accounts creating a particularly high-risk profile.”

curtis ting
Curtis Ting

When Kraken notices the transactions conducted by older adults, it will require the individuals to write a note that says that the settlement is executed under their own will. Despite having these features in place, Graeme was decided by the scammer that he transferred over $650,000 into the e-wallets that employ Kraken’s services in less than a month but also he sent them even more and topped the amount to $1 million. He never got in touch with the scammers however which means he parted ways with his savings forever.

Usually, crypto scams don’t have a happy ending for victims but this was not the case with the resident of North Caroline, Asheville. Last year, a man transferred $500,000 in BTC to a person who posed as an investment advisor and the funds represented the victim’s entire life savings. Fortunately, Coinbase and the FBI identified the scam and detained the criminal while US Attorney Dena J King ruled that the funds have to be confiscated from him and return the funds to the victim.

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