Cryptocurrency Pyramid Scheme Scammed Brits

  • Group of 14 buyers are demanding the authorities to take immediate action since they have collectively lost £100,000
  • The customers were told that if they invested and waited for five months, their invested money would get doubled

As per recent report, people who had invested their money in Lyfcoin were scammed and they have lost thousands of pounds. And many are feeling guilty as they had persuaded their loved ones to invest as well, in the hopes of getting their money doubled in 5 months.

Currently, a group of 14 buyers are demanding the authorities to take immediate action since they have collectively lost £100,000 among them. The estimated amount of money lost by the investors across UK is £2.5 million. Lyfcoin was being sold internationally as well.

Although some have already emptied their retirement funds without losing anything, the rest are in debt to family members they got on board. The victims claimed that their complaints were too quick to be dismissed by the police as a civil matter or a business deal gone wrong.

The customers were told that if they invested and waited for five months, their invested money would get doubled within then. But just as the deadline approached, they were unexpectedly told that they’d have to keep their money in the scheme for 1 or 2 years. This has caused panic among the investors.

Users are unable to buy goods and services with the coins since its pointless, and neither can they sell them on an independent exchange like they can with Bitcoin and other cryptocurrencies.

A man named Sakhi Rezaie was the one who had recruited the victims. The victims stated that the payments for Lyfcoin packages were asked to be sent directly to his bank, rather than any official Lyfcoin account.

Investor Atif Hussain, an architectural engineer, mentioned that he’s currently experiencing sleepless nights wondering about his debt to his family, since he had persuaded them to invest in Lyfcoin, he has to take responsibility for the lost money. Hussain was introduced to Lyfcoin by one of his neighbor’s in the year 2018, after giving it some thought he had invested a total amount of £36,500, £11,500 for himself, £20,000 on behalf of his mother and £5000 on behalf of his brother.

After selling a package worth £12,200 to a colleague, he regretted it at that very moment. He tried to get the refund from Rezai but he constantly got his calls ignored. He stated that, the buyers had to take part in staking, which involves locking the investments for a certain period of time in order to secure the funds for the operation.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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