Crypto crime impacting public safety: A Bay Area woman's unfortunate encounter

Crypto Crime: An Increasing Threat

Crypto crime has been on the rise, frequently targeting individuals in the U.S. due to the wealth concentrated in American savings and retirement accounts. One victim, a professional woman from the Bay Area, recently became a victim of a sophisticated scam that devastated her financially.

The Scammer's Approach

Mary, in her sixties, was initially approached by Kenneth Ouyang on LinkedIn, where he presented himself as a tech-savvy AI engineer. Their conversations revolved around shared interests, which helped build trust over time.

Investment Gone Wrong

• Mary was persuaded to invest $1,000 in a platform named Xexbit.com.
• She saw a quick return of $1,340, leading her to further invest.
• Eventually, her entire retirement fund of $1.2 million was exhausted.

Ouyang claimed they were co-investing and even proposed a multi-level scheme, which Mary declined. Despite assurances of a $9 million profit, he ultimately vanished with her funds.

The Fallout

Mary is now left to confront the consequences, having reported the incident to local authorities and federal agencies.

Staying Safe in Cryptocurrency

Victims of crypto scams often feel betrayed by platforms like LinkedIn, where they believed they were interacting with legitimate professionals. LinkedIn has taken steps by removing millions of fraudulent accounts, yet experts urge greater measures to protect users.

With transnational organized crime successfully scamming $50 billion from Americans last year, vigilance in cryptocurrency matters remains essential.