Troy-area man potentially loses $160,000 in cryptocurrency scam
About $160,000 was invested via cryptocurrency transactions before a Michigan man concluded he was the victim of a scam.
The Troy Police Department, which is investigating the case, said the criminal activity took place between Feb. 24 and May 16.
The 46-year-old man told police he was befriended on Facebook by someone he did not know. The suspect encouraged the man to invest in cryptocurrency, and directed him through the process, with a total of $160,000 cash converted into multiple crypto accounts.
When the victim attempted to withdraw his funds from the accounts, according to the report, he was told he would need to deposit an additional $113,000 to get his cash.
He refused to do so, and concluded the effort was a scam.
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