A 65-year-old Williams Township man recently lost about $160,000 in a cryptocurrency investment scam, the Pennsylvania State Police said.
The victim used the money to buy digital currency that he sent to an unknown person who promised the currency would be sold for a massive profit, authorities said in a statement. Pennsylvania State Police are investigating the theft.
The case is an example of a common cryptocurrency scam, according to the Federal Trade Commissionwhere scammers guarantee quick and easy wins or big wins.
Investment scams are common, but scammers can also impersonate a company, a government agency or even a love interest on social media or dating apps, the FTC warned.
Hallmarks of scams include demanding payment upfront in cryptocurrency and someone saying they want to show you how to invest in cryptocurrency or asking you to send them cryptocurrency.
In addition to communicating on social media and online apps, scammers may also text, email or call, the FTC said.
Cryptocurrency accounts are not government insured like US dollars deposited in an FDIC-insured bank account.
More information about cryptocurrency scams can be found here.
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Sarah Cassi can be reached at scassi@lehighvalleylive.com.
