Inside the crypto ‘prisons’ scamming Britons out of their life savings

Archbishop Jerome Lloyd OSJVPosted by

A sophisticated cyber racket sweeping the globe – and the financial toll is thought to be running into billions of dollars

James Buchan, a seasoned crypto investor, was conned last year out of about $100,000
James Buchan, a seasoned crypto investor, was conned last year out of about $100,000 CREDIT: Simon Townsley/The Telegraph

For two weeks last year, Sophie, a successful businesswoman and mother from the north of England, was hospitalised after collapsing when she lost a quarter of a million pounds in a cryptocurrency scam.  

Like many victims of a sophisticated cyber racket sweeping the globe, she does not want to be identified out of a misplaced sense of shame. Her name has been changed as family and friends are still unaware she lost almost her entire life savings through the fraudulent scheme.

“It was like being brainwashed. It still pains my heart,” she told The Telegraph, adding that she knew of others who had lost hundreds of thousands of pounds. “We are all good at our own business but in that precise moment we were brainwashed. You’ve been clever all your life, trying to look after the money you have and eventually lose to a scammer.”

Thousands of savvy crypto investors have been caught out by the “liquidity mining” scam, which deploys a tactic known as “pig butchering” – where victims are emotionally manipulated and their accounts fattened before being drained.

To date, the largest known amount swindled via this fraud was $8 million, belonging to Divya Gadasalli, 25, from Texas, who lost her family fortune last year.

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Inside the crypto ‘prisons’ scamming Britons out of their life savings

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