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Australian Couple Loses $900K to Crypto Scam Despite Regulator’s Efforts

Jose Antonio Lanz
An Australian couple lost nearly AUD $1 million after falling for a crypto scam even though regulators are cracking down. | Source: Shutterstock

An Australian couple lost AUD $900,000 after “investing” in an elaborate cryptocurrency scam. Mike Taylor, 70, and his wife Karen told local station 7News that the losses represented the couple’s lifetime savings:

“That was the whole of our superannuation – that’s now gone.”

They did not explain in detail how the scheme worked; however, Taylor commented that it was a cryptocurrency trading website that promised high returns. He added that they decided to invest because the site “looked legitimate.”

The couple made that decision while enjoying a trip around the country in a camper van. Within months, the money practically disappeared, reportedly leaving the couple – and many other Australians – in bankruptcy.

Taylor told 7news that he had to go back to work, adding that he sold his 1965 Pontiac “to make ends meet.”

There are other incidents of crypto scams stemming from Australia:

Read the full story on CCN.com.