Single mom of 3 says she lost life savings to Tinder crypto scammer — 3 risk-free ways to buy digital currency

Single mother of 3 says she lost her life savings to Tinder crypto scammer – 3 risk-free ways to buy digital currency

Tinder is one of the most popular dating apps in the world. But a single mother of three in the UK learned the hard way that scammers also use the platform.

Natalie Foster, 42, told the Daily Mail it all started after she matched with a man who went by the name James.

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“He seemed like a really handsome guy, had nice dogs and was very forward-thinking,” Foster said.

He says James started talking enthusiastically about cryptocurrencies, and that’s when things started to get troubling.

“He told me to deposit £300 ($380) and then transfer it to a trading platform. I did that and then made an £80 ($100) profit,” Foster recalled.

He invested another £100 ($127) into the trading platform and was seen making an additional £93 ($118).

‘A very important night’

A few days later, Foster claimed James told him a “very big night” was coming.

“He persuaded me to deposit even more money, so I deposited £2,000 ($2,550),” Foster said. “He then said he contacted his uncle and he told him that a once-in-a-century deal was about to be signed and I could make an 800% profit.”

Hoping to seize the opportunity, he decided to dump his savings totaling £3,500 ($4,450) into his crypto account. He says he was later added to a WhatsApp group with a man claiming to be James’ uncle and another person. Foster recalled that they executed a trade that resulted in a significant profit of $86,000 (£67,000) on the trading account.

But Foster said when he personally checked the account, it showed his funds had exceeded the allowable amount before suddenly dropping to zero.

“I then contacted customer service and they said I owed 20% tax to a bank account in New York totaling £20,000 ($25,500).”

He added: “I then spoke to my ex-partner and he gave me a reality check. I realized I had literally fallen for a textbook crypto scam.”

Foster says he has not received any profits from these transactions, apart from the first £80. He ended up losing £6,000 ($7,600).

He confronted James about the fraud, but was met with a brutal response telling him to “go and die quickly.” James then beat her on Tinder and disappeared.

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The experience left Foster devastated.

“This was money I had saved my whole life, inherited from my grandfather; this left me completely devastated,” he said. “‘I feel stupid, I feel ridiculous; I can’t believe I’m one of the women I read about in the magazines.”

Foster’s experience is a stark reminder of the dangers that can lurk in the world of online dating and investing. However, the high return potential of cryptocurrencies continues to attract the attention of investors. For example, Bitcoin, the world’s leading cryptocurrency, skyrocketed 154% in 2023 and is up another 56% in 2024.

Fortunately, you don’t have to entrust your funds to a stranger to participate in this market. Here’s a look at three ways to gain exposure to crypto safely.

Read more: Wealthy young Americans have lost confidence in the stock market and are betting on these assets instead. Take action now for long-term strong winds

Buy crypto and store it securely

The first option is the simplest: If you want to buy crypto, just buy crypto.

Nowadays, many platforms allow individual investors to buy and sell crypto. Note that some exchanges charge commission fees of up to 4% for each transaction. Therefore, look for apps that charge low commissions or even no commissions.

Even though Bitcoin is currently priced at over $68,000, there is no need to purchase an entire coin. Most exchanges let you start with as much money as you want to spend.

After purchasing crypto from a reputable exchange platform, experts recommend transferring your assets to a hardware wallet or non-custodial software wallet for greater security and control. A physical device, a hardware wallet protects your crypto from online hacking threats by storing it offline. Meanwhile, a non-custodial software wallet gives you full control over your private keys while also offering the convenience of digital access.

Crypto ETFs

The popularity of exchange-traded funds has increased in recent years. They are traded on exchanges, so it is very easy to buy and sell them. Now investors can also use them to get a share of the cryptocurrency movement.

For example, BlackRock’s iShares Bitcoin Trust (IBIT) is an ETF that invests directly in Bitcoin, allowing investors to access the cryptocurrency through a traditional brokerage account.

Investors may also want to look at similar options such as the Grayscale Bitcoin Trust ETF (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC), which both provide avenues for exposure to Bitcoin within established financial frameworks.

crypto stocks

When companies attribute some of their growth to the crypto market, their shares can often move in tandem with cryptocurrencies.

First there are crypto miners. Computing power isn’t cheap, and energy costs can be significant. But if the price of Bitcoin rises, crypto mining stocks are likely to gain investor interest.

There are also intermediaries such as Coinbase Global (COIN). These platforms will benefit when more people buy, sell and use crypto.

Finally, there are companies that hold large amounts of crypto on their balance sheets.

Case in point: enterprise software technology specialist MicroStrategy (MSTR). The company’s bitcoin count reached 214,400 as of April 26, 2024; That’s a stock worth about $14.6 billion at current prices.

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This article provides information only and should not be construed as advice. It is provided without any warranty.