Elderly couple duped in ‘helping’ investigation into $1.3 million Bitcoin scam

An elderly couple was defrauded out of their $1.3 million retirement fund by scammers posing as representatives of the Federal Trade Commission (FTC). The elaborate scam involved Bitcoin ATMs and gold transactions.

Barbara And Larry Cook were contacted in September 2023 by fraudsters posing as security representatives of Amazon And TD bank. The scammers convinced the chefs that their identities had been misused for illegal purchases on the dark web.

The chefs became entangled in an elaborate scam that involved depositing large amounts of money into Bitcoin ATMs and surrendering gold bullion in Maine and Florida. They were led to believe that they were helping the FTC arrest cybercriminals.

According to the report of Insiderthe scam went on for more than half a year before the chefs realized they had been duped. By then, they had lost their entire savings of $1.3 million, earmarked for their retirement, charities and family inheritance.

The couple was assigned a fictional ‘FTC agent’ named ‘Ryan Terry’ who guided them through the process of setting up a Bitcoin wallet and making transactions. The chefs were convinced that their actions were part of a legitimate investigation and that they were acting patriotically.

The scam was finally exposed in April 2024 when Larry Cook attempted to contact “Terry” and discovered that his WhatsApp was no longer operational. The FTC confirmed that no such agent existed and an investigation was launched.

Despite the ongoing investigation, authorities have suggested the chefs are unlikely to recover their lost savings. The couple is now sharing their story to warn others and provide comfort to those who have been similarly scammed.

This incident underlines the growing threat of cybercrime and the sophistication of scams targeting vulnerable people. It serves as a powerful reminder for individuals to be cautious when dealing with unsolicited communications, especially when they involve financial transactions.

It also highlights the need for financial institutions and technology companies to strengthen their security measures and educate their customers about possible scams.

Image: Shutterstock/Igor Faun