TikTok crypto scam drains $397k from 73-year-old woman
What started as a simple interaction on TikTok ended with a 73-year-old woman losing nearly $400,000 over the course of a year. According to police in Sioux Falls, the woman followed a TikTok account and commented on its content.
She was later contacted by someone claiming to be the account’s creator. The conversation shifted to cryptocurrency, with the individual asking if she was interested in investing.
Over time, the interaction moved from casual messaging to financial transactions.
Over the course of a year, the woman wired approximately $200,000 for what she believed were cryptocurrency investments. The scam did not end there, as the scammer later encouraged her to invest in a credit card business opportunity. To fund this, she took out a home equity loan and sent an additional $197,000.
In total, the victim transferred about $397,000.
When things fell apart
The woman discovered the scam when she attempted to check the status of her investment and found the account balance was $0. That’s when she knew something was wrong.
At that point, she reported the case to law enforcement. But by then, the money was gone, and police say the funds are unlikely to be recovered.
This is because crypto makes it harder to recover anything. Crypto and wire transfers move fast, are hard to trace, and are often irreversible. Once the funds are sent, recovering them becomes extremely difficult. That is why losses in these cases tend to be permanent.
A warning for you
Police say scams involving social media platforms are becoming more common. Many follow a similar pattern from initial contact through a public interaction and a move to private messaging to the introduction of investment opportunities and gradual financial commitment. Over time, larger requests are made.
Authorities advise individuals to verify identities, avoid sending money to unknown contacts, and pause before engaging in any investment opportunity introduced online.
As Mary Michaels, the AARP South Dakota Communications Director said, “Whether you’re talking about a deal you see online or an investment, if it seems too good to be true, put a pause on it. Do some research and look up whatever this thing is that somebody is asking you to invest in.”
Sources: Dakota News Now, Dakota News Now
