Mick invested his cash in a cryptocurrency rip-off (Image: JUSTGIVING)

Mick from Edinburgh was devastated dropping £100,000 after falling sufferer to a cryptocurrency scam.

The cafe proprietor warned his clients after realising he had been tricked. He misplaced his life savings after investing years of money right into a enterprise he thought was reliable. The cafe proprietor was supposed to make use of that cash to purchase a flat for his youngsters.

‌Cryptocurrency is a digital asset that may be traded or exchanged on-line to purchase from folks or firms who settle for this type of fee.

It’s attracting extra consideration as a doubtlessly profitable funding choice as a result of fluctuations in worth. However, NatWest warns that criminals are capitalising on the rising consideration cryptocurrency by providing pretend investments that don’t actually exist or aren’t definitely worth the cash.

Mick defined that over seven years working on the cafe he was saving cash for his youngsters.

NatWest urges Britons to be careful for cryptocurrency scams (Image: GETTY)

In January 2023, he invested it in cryptocurrency, however by May he realised he had misplaced “all of his life savings,” reported Edinburgh Live.

‌In a put up to his clients, Mick wrote: “I invested it all in January after doing due diligence on the company so felt safe."

Mick was saving for a deposit on home for his children however when he went to withdraw this, he was told it was gone.

He had managed to save £35,000 for the deposit and felt relieved as he could provide a secure future for his children. However, the good return he thought he had made on his investment was a lie. His life savings had been taken.

Mick continued: "It never arrived, after weeks of investigation it was found to be fraudulent, and I tried every avenue has been explored to retrieve it.

Scams are on the rise (Image: EXPRESS)

"The point of the post [is] not sympathy (I’m not that type of person), financial gain, or anything like that.

"I did it. Nobody forced me. It's just a warning really do not do what I did unless you’re a financial professional. It’s ruined the chance of a house for a dad and his kids so be very careful what you do with your money. Anybody can be anybody on the internet."

‌NatWest has explained what customers can look out. Fraudsters promote investment opportunities on social media, fake adverts and endorsements using celebrities or public figures, these adverts link to professional-looking websites to persuade people to invest using cryptocurrencies or traditional currencies.

Criminals manipulate software to distort prices and investment returns and may even defraud people into buying non-existent crypto-assets. The firms operating these scams are usually based outside the UK but will claim to have a UK presence.

On their website, it shows what actions people can take to protect themselves from this type of fraud.

“Before making any investments using cryptocurrency always make sure you understand everything completely and you’re only using money you could afford to lose.

‌“Double-check the website address (URL) as well as the contact details of a firm. Use resources such as directory enquiries or Companies House to make sure they’re the same.

“You should always have sole control of your cryptocurrency ‘wallet’ and nobody else should have access. If you didn’t set the wallet up yourself or can’t access the money, this is likely to be a scam. You should stop making payments and get in touch with us.”

In a bid to restrict cryptocurrency scams, NatWest has decreased the sum of money clients can switch to cryptocurrency exchanges.

Most cryptocurrencies usually are not regulated within the UK, however the Government has set out regulatory plans for the business.

NatWest head of fraud protection Stuart Skinner said the bank had seen an increase in the number of scams linked to cryptocurrency, with UK consumers losing an estimated £329million from such criminal acts.

‌He also gave advice to help people avoid being duped saying: “You should always have sole control of your cryptocurrency wallet and nobody else should have access. If you didn't set the wallet up yourself or can't access the money then this is likely to be a scam."

‌Mick’s local people arrange a JustGiving web page for anybody who needs to assist him save up once more.

‌One buyer wrote: “Mick is the much-loved proprietor of the Lodge Coffee House within the Hermitage of Braid native nature reserve. He serves the neighborhood with a smile and a chat, and the perfect scones round! Devastatingly, he has not too long ago misplaced his life's financial savings because of a monetary rip-off, a lot of you'll have seen his latest put up about this enormous loss.

"This money was saved in the hope that it would provide for his children's home and future security. Many people want to help in some small way, and if you can donate anything it would be hugely appreciated. This has understandably been a terrible blow to an honest man who works so hard for his family. Even the cost of a cup of coffee will help."