London Daily

Focus on the big picture.
Saturday, Sep 13, 2025

'We lost our life savings in a cryptocurrency scam'

'We lost our life savings in a cryptocurrency scam'

Joseph had run his own business for years and had built up a tidy sum in savings for retirement.

He planned to use the money to buy a mortgage-free bungalow for him and and his wife to live out the rest of their days.

In a bid to top-up those savings he was drawn into investing online - a move into cryptocurrency trading that left him at the mercy of suspected fraudsters and drained his life savings.

"My wife and I are very upset," he said. "We have lost our lifestyle and our plans."

Joseph is not his real name. He is in his 70s and feels vulnerable and distraught about what happened.

"I wanted to do this online trading as everyone was saying how good it was, to give us a better lifestyle," he said.

Assuming he was making profits, he was drawn into a cycle of investing more in order to get money out.

The scammers said they needed 10% from him to get his money out. He said he was ill, and collapsed while on the phone and they were still on the line when paramedics arrived.

During his illness, he kept getting text messages asking for more funds. He was confused and agreed to hand over more money and eventually lost more than £250,000 in life savings.

Banks have been issuing warnings about fraudulent cryptocurrency trading, and are unlikely to refund any of his losses.


"I thought I was good with my money. It was really when I came out of hospital that the shock of what I'd done hit me," Joseph said.

"The money was for our retirement and any future healthcare we needed. I have no means to recoup the money I've lost as I'm retired."

Citizens Advice said that 36 million adults had been targeted by a scammer so far this year. Of those, 12% were by someone offering a fake investment or get-rich-quick scheme.

"Scams come in many guises, whether it be a get-rich-quick scheme or the promise of romance. It's easy to think it'll never happen to you, but the reality is anyone can be targeted and anyone can be tricked," said Matthew Upton, director of policy at the charity.

Potential harm


A host of charities have been calling for scam adverts to be included in the government's Online Safety Bill, which will soon be scrutinised by MPs and Lords.

One of those, the Money and Mental Health Policy Institute, said that millions of internet users, particularly those with mental health problems, were in danger of losing money or sensitive personal information to scammers.

It said there were also risks of confusion as technology companies would be expected to remove some scams from their websites, but not others.

Martin Lewis, who founded the charity, said: "The UK is facing an epidemic of scam adverts. Our advertising rules were set up to police soap manufacturers making false cleanliness claims, not to tackle sophisticated, psychologically adept, digital organised crime, based around the world.

"This has left many scammers untraced, un-investigated, and unpunished. Many get away with these crimes with impunity."

Comments

Sid 4 year ago
The name of his disease is Greed . Many catch it and few walk away unscathed. But thats his problem so stop crying to the world

Newsletter

Related Articles

0:00
0:00
Close
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
Pig Heads Left Outside Multiple Paris Mosques in Outrage-Inducing Acts
Nvidia’s ‘Wow’ Factor Is Fading. The AI chip giant used to beat Wall Street expectations for earnings by a substantial margin. That trajectory is coming down to earth.
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
On the Anniversary of Queen Elizabeth’s Death: Prince Harry Returns to Britain
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Court Staff Cover Up Banksy Image of Judge Beating a Protester
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
Elon Musk Poised to Become First Trillionaire Under Ambitious Tesla Pay Plan
France, at an Impasse, Heads Toward Another Government Collapse
Burning the Minister’s House Helped Protesters to Win Justice: Prabowo Fires Finance Minister in Wake of Indonesia Protests
Brazil Braces for Fallout from Bolsonaro Trial by corrupted judge
The Country That Got Too Rich? Public Spending Dominates Norway Election
Nearly 40 Years Later: Nike Changes the Legendary Slogan Just Do It
×