Teenager Loses Thousands of Dollars in Bitcoin Fraud

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Technology is constantly changing, including the way we spend money. More and more people are buying cryptocurrency and thieves are also busy trying to figure out how to cash out. Our KPRC 2 Investigates team has a history of a cryptocurrency fraud family and what anyone considering crypto should know.

What is cryptocurrency?

Cryptocurrencies are digital coins that allow people to make payments online. It is also a way to invest your money. Houston dad says he’s worried his teenage son will lose thousands of dollars on crypto.

“He’s been investing since he was in his second year in high school,” said Elias Garcia, Senior.

“I’ve always had a bit of a reputation for numbers. Like, I’ve always been good at math. So it’s like, the money of the numbers, kind of a correlation, ”said Elias Junior.

Elias Garcia Senior knows his son is good at money, but his latest purchase from a cryptocurrency website worries him.

“When I saw the website, that’s what I like, ‘Oh wait, wait, wait… maybe that’s way too much,” he said.

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The idea of ​​the Crypto Exchange Base website is simple.

“The more you put in, the more it multiplies,” explains Elias Senior.

KPRC 2 Investigates Cryptocurrency Fraud (Copyright 2020 by KPRC Click2Houston – All rights reserved.)

The problem is, Elias Junior can’t get his money out. His “broker” keeps asking him to add more money to his account before he can make a withdrawal.

“To be honest I knew it was kind of a sketch from the start,” said Elias Junior.

Cryptocurrency fraud is insanely high right now

The Federal Trade Commission said that over the past year, consumers reported losing $ 80 million to cryptocurrency investment fraud. This is ten times more than the previous year.

The FTC says red flags to avoid include a money-making guarantee, the promise of big wins, or free money.

“I put $ 300. I had about $ 700 in profit. So I had about $ 1,000, ”he explains.

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Then Elias added $ 2,300 more, hoping for that promised quick profit. Weeks later, Elias Junior now says he’s completely banned from his account.

Our KPRC 2 Investigates team tried for weeks and couldn’t reach anyone from the Crypto Exchange website.

We have also discovered that these alleged real people praising the website in “testimonials” are not real at all. The images are archival photos and we have found them used all over the internet.

KPRC 2 Investigates Cryptocurrency Fraud (Copyright 2020 by KPRC Click2Houston – All rights reserved.)

“You have to be careful,” said lawyer and author Clay Rawlings.

Cryptocurrency is more popular with younger generations

Clay Rawlings is the author of “Bitcoin for Beginners”. He says the Garcia family debate is a generational divide he sees often.

“Generation X is a little wary, millennials take it very well and Generation Z is into it,” he explains.

Clay believes crypto is here to stay.

“It’s no different from when the internet first appeared in 95, and people didn’t care. Nobody got it and in 2000 everyone got down to it, ”Clay said.

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Elias Senior is still worried but agrees that now, when his son is young, is the best time to try something like this.

“It’s time to support him. I mean, it might be a crazy idea, but let’s support it, ”said Elias Senior.

“Honestly, if I lose money, oh, well, if I don’t lose money, oh, well. It is what it is, ”said Elias Junior.

Experimenting is good, but you need to make sure that the exchange you are investing with is licensed to operate in the United States.

How to buy cryptocurrency

If you are looking to get started in cryptocurrency, Clay Rawlings is the expert on how to get started. Sure, he explains all the details from his book “Bitcoin for Beginners”, but shared a few tips with us, including where to look to start.

KPRC 2 Cryptocurrency Fraud Investigation and Tips to Get Started. (Copyright 2020 by KPRC Click2Houston – All rights reserved.)

First of all, you need to find a cryptocurrency trading platform where you can buy and trade.

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Coinbase – the most popular and user-friendly site, it only takes $ 5 to open a Gemini account – this trading website is known for its security. Trading fees are a bit higher than other Robinhood – a commission-free stock trading mobile appeToro and CoinMama are two other popular selling sites right now.

Marketplace Fairness has other exchange suggestions. Clay says that with all the new stuff, there is a definite learning curve to master to gain confidence in this area.

Related: As Bitcoin Goes Mainstream, Wall Street Seeks To Cash In

Copyright 2021 by KPRC Click2Houston – All rights reserved.

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