How can we seriously get people to stop being scammed like this, over and over again, in regard to their crypto accounts? I see stories like this almost every day, and it doesn't get any better despite constant FBI warnings, etc. What kind of real action and advice can get all of these suckers to resist being scammed like this? I even know a reporter who specifically covers crypto who was the victim of a pig butchering scam that went on for multiple months (he was just lucky that he didn't end up losing millions like so many others).
Serious answers only — what can be done here??
https://moneywise.com/news/investing/nc-man-lost-1m-in-just-10-minutes-what-his-experience-shows-about-crypto-risk
8 Comments
Regulation and enforcement for one thing. Crypto is historically really good at separating stupid people and their money.
A person with this little street smarts has no business having 10k in crypto let alone 1m.
tldr; A North Carolina man, Gene Duckett, lost over $1 million in cryptocurrency within 10 minutes due to a social engineering scam. Scammers posing as representatives from Ledger, his hardware wallet provider, convinced him to enter his 24-word seed phrase on a fake website. This incident highlights the growing risks of cryptocurrency scams, which rely on manipulating victims emotionally rather than technical hacking. Experts emphasize never sharing seed phrases and being cautious of unsolicited calls or urgent requests to protect digital assets.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
We’re always told never share your seed phrase.
He shared his seed phrase.
$1M is a big pay day for that scammer.
Every guide for hardware wallets repeatedly reminds you to never enter your passphrase in anything but the hardware wallet, or a paper backup. There’s nothing to be done for people who refuse to educate themselves on basic security.
These are mostly older people falling for such scams.
Sadly, it’s quite difficult to educate them properly about Crypto safety at this age.
In real banking this isn’t a problem at all. Isn’t this new system supposed to be better than what we already have?
God damnit Gene