Four days after his father died, CY lost $500,000.
The person encouraging him to invest called herself Jessica. She had contacted him on WhatsApp, and he initially thought she was a former colleague. She messaged him daily for a month. When she learned his father was dying, she offered a cryptocurrency opportunity that could help cover funeral costs.
CY had a background in finance and accounting. He tested the platform with smaller amounts. It looked convincing.
After that first enormous loss, Jessica encouraged him to put in more to recover it. He took out a $200,000 loan and borrowed another $100,000 from his brother-in-law. By the end, he had lost $1.2 million, including 30 years of savings and his daughter’s education fund. ABC7 reported his story in 2022, identifying him by his initials.
I want you to remember the funeral costs. These people foun…