What happens when cryptocurrency investments go wrong? Dive deeper into a world of crime, lies, and danger as we explore crypto scams.
The Investigative Journalism Foundation’s Zak Vescera joins Molly Thomas to discuss his latest stories delving into the world of crypto-crime. From authorities across the country working to subvert crypto-corruption, to a real Canadian victim of a “pig butchering” scam who lost millions, Vescera
speaks about his investigation, and the real-world impact crypto scams can have on Canadians.
Vescera explains the term “pig butchering,” which refers to the process of fattening up victims with affection and trust before scamming them out of their money[^i^]. He also highlights the challenges law enforcement faces in tracking down these scammers, who often operate from countries like Myanmar and Cambodia
Zak Vescera reveals the shocking rise in cryptocurrency fraud complaints to the RCMP, which have skyrocketed from just 18 cases in 2015 to nearly 4,000 in 2023. He shares the harrowing story of LW, a businessman from Nevada who lost $26 million in a crypto-romance scam. LW’s case is a chilling example of how sophisticated these scams can be, with scammers using fake documents and social engineering to build trust over months.
He lost $26 million in a crypto-romance scam. Here’s how he’s trying to find the money: https://theijf.org/crypto-victim-26-million
Reports of crypto-related crime skyrocketing: RCMP documents: https://theijf.org/rcmp-crypto-cases-skyrocketing
0:00 Introduction
0:20 Shocking Discoveries in Crypto Fraud
0:58 LW’s Story
2:08 The Scam Unfolds, Fake Documentation
3:57 Realization of the Scam
4:58 Pig Butchering
6:56 LW’s Legal Recourse
8:11 Conclusion
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#CryptoScams #InvestigativeJournalism #CryptoFraud
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