Wrexham.com > News
Posted: Fri 17th Oct 2025
A North Wales man has lost £150,000 in a fake Bitcoin investment scam after responding to what appeared to be a genuine social media advert.
Officers from North Wales Police Cyber Crime Unit said the victim had been browsing a popular social media site when he saw a link promoting cryptocurrency investment.
Having recently lost his wife and wanting to create an inheritance for his children, he decided to invest a modest amount.
However, police said that was just the beginning of what became a large-scale fraud.
Fraudsters had paid for fake online adverts that looked professional and convincing.
Once the man clicked the link, the communication quickly moved to phone calls, where scammers built a rapport and encouraged him to invest small amounts.
They gave him access to what appeared to be an online portfolio showing his investment growing rapidly, but this was a fake website.
The apparent profits were not real and when the man later tried to withdraw some of his funds, he was told he needed to pay a series of fees first.
Each time he paid, the scammers invented new charges under names such as “anti-money laundering,” “liquidity validation,” and “faster payment bureau” fees.
Police said the fraudsters used convincing emails and phone calls to keep up the pressure, persuading the victim that paying the fees would unlock his money.
In total, the man lost £150,000, including £40,000 borrowed through loans.
Officers said the scammers even told him to tell the bank the loans were for home improvements to avoid suspicion.
A North Wales Police Cyber Crime spokesperson said: “Once a victim starts paying the fees, it’s difficult to stop and give up on what’s already been sent to the fraudster.
“Psychologically, nobody believes they will fall for fraud – and nobody wants to give up on large sums they’ve been told are theirs if they just pay a little more.”
Police are urging the public to be cautious about any cryptocurrency investment opportunities found online, especially those promoted through social media adverts.
They are also reminding people to always tell banks the true reason for any loan application, as this helps financial institutions spot potential fraud before it’s too late.
“Never invest in Bitcoin or cryptocurrency without doing your research and comparing providers,” the police spokesperson added.
“And always tell your bank the genuine reason for applying for a loan – that’s one of the key ways they protect customers from scams.”
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