Jean Séguin, a 63-year-old resident of Quebec's Gatineau, fell victim to an elaborate cryptocurrency scam in which he lost almost $205,000 USD in tokens. In May last year, he was contacted by a "friendly" individual who convinced him to invest in crypto using platforms such as Coinberry and Crypto.com. Later, he was persuaded to transfer his funds to the DexCrypto platform with the promise of earning more than 2% of his original stake in daily income.

It wasn't until six months later that Séguin realized his mistake and was no longer able to access his coins. Despite reporting the case to the police and getting the FBI involved, he has been unable to recover his tokens. He has gone public with his story in an attempt to help and warn others in similar situations.

According to Andrée East, of the Gatineau Police Department, scammers have been using new technologies - such as cryptocurrency - to dupe victims out of large amounts of money. In an example of this, an Ontario man in January this year claimed to have lost both his home and his life savings to YouTube-based crypto scammers.

It is clear that all crypto users should be extremely aware of any offers they receive and exercise extreme caution when transferring funds. Crypto users should always double check any information received and not trust strangers claiming to offer large returns. They should also work with platforms that have a good reputation, such as Coinberry or Crypto.com. As Jean Séguin experienced, the cost of being scammed can sometimes be much too high.



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