They say money doesn’t grow on trees—but if someone on Facebook promises you it grows at 40% a month, run faster than a squirrel in autumn.
That’s exactly how a Cocoa Beach man, Richard Dunlap, fell into a devastating scam that cost him his entire savings—more than $2.5 million. It all started with a simple Facebook friend request from a stranger, a conversation that moved to WhatsApp, and the promise of unbelievable returns through cryptocurrency trading.
Here’s how the trap works:
- A scammer befriends you online, building trust over time through casual chats and personal conversations.
- They introduce you to “exclusive” investment platforms, often mobile apps they secretly control.
- Initial trades show huge returns, and you may even be allowed a small withdrawal to prove it’s “real.”
- Once you’re convinced, they pressure you to invest bigger amounts, promising higher profits.
- When you finally try to withdraw a significant sum, you’re blocked—your money is gone.
This scam doesn’t discriminate. While Richard was a retiree, the U.S. Secret Service says victims range from CEOs to grandmothers. In 2023 alone, Americans lost $5.7 billion to investment scams, according to the FTC.
Why should you care?
Because the same playbook is being used worldwide, and scammers often target people who:
- Trust connections through social media mutual friends
- Are unfamiliar with crypto trading platforms
- Have retirement savings or liquid assets they can tap into quickly
Richard described the gut-wrenching moment he realized his savings had vanished: “It wasn’t until then that I fully realized what I had done to myself. You lost all that money.”
Here’s how you can protect yourself from falling into the same trap:
- Be suspicious of unsolicited friend requests—especially if they quickly shift to talk of money or investments.
- Never trust investment advice from strangers online, no matter how convincing their “success stories” sound.
- Avoid using trading apps or platforms you didn’t find yourself—scammers often control these fake apps.
- Remember: high guaranteed returns don’t exist. If it sounds too good to be true, it always is.
- Talk to someone you trust before investing—a quick outside perspective can save you thousands.
Quick Tip: Did you know most scam apps let you see fake profits, but the numbers are just pixels? The money you see on the screen never actually exists.
Pro Tip: A legitimate financial advisor will never cold-message you on social media. If they did, they’d probably be out of business.
Stay safe, stay informed, and remember: the only people making guaranteed money in crypto scams are the scammers themselves.
Keyword Definitions:
- Cryptocurrency Trading Scam: A scheme where fraudsters lure victims into fake platforms showing fabricated profits to steal deposits.
- Romance/Trust Scam: A scam where criminals build personal relationships to manipulate victims into sending money or investing.
- Investment Scam: Any fraud involving false promises of returns from stocks, crypto, real estate, or other financial opportunities.
- FTC (Federal Trade Commission): The U.S. government agency that monitors and reports on consumer fraud, including scams.
- Trading App Scam: A fake investment app that looks real but is controlled entirely by scammers to display false account balances.
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