A simple online friendship has cost a Solon, Ohio, man more than $1 million, as police issue a warning about increasingly sophisticated cryptocurrency scams targeting unsuspecting victims through social media.
According to the Solon Police Department, the 63-year-old victim reported the incident last week, revealing that he had been caught in an elaborate digital investment hoax orchestrated by someone he met earlier this year on Facebook.
“He met somebody through Facebook and just started a casual friendship with this individual he didn’t know from the past,” said Solon Police Lt. Bill Vajdich. “He learned that the individual owned a business or at least he thought they did and had recently been making money through investing in cryptocurrency.”
From Online Friendship to Financial Fraud
What began as friendly conversation quickly escalated into financial advice. The scammer, posing as a legitimate businessperson, persuaded the man that he too could profit from crypto trading.
Lured by the promise of high returns, the victim began funnelling money into what he believed was a legitimate investment platform called “Coinget,” using a mobile app and website recommended by his new acquaintance.
At first, everything appeared to be aboveboard. He received regular account statements, all indicating a sharp rise in his crypto assets.
“After a while, he learned that his original $1 million or $1.25 million investment had ballooned to over $3 million,” Lt. Vajdich said.
But when the man attempted to withdraw some of his funds, the illusion began to unravel.
Penalties, Taxes, and Red Flags
When the victim requested to cash out a portion of his investment, he was told he’d first need to pay penalties and taxes. As the excuses piled up, so did his suspicions. Eventually, he contacted his bank and Solon police, realising he may have been deceived.
A police investigation confirmed those fears. The company he thought was handling his crypto investments, Coinget, does not exist. The money had never been invested; it had been sent to accounts controlled by the scam artist, who had used the Facebook profile to create a false sense of trust and legitimacy.
Police Issue Public Warning
Solon police are now sharing the case as a cautionary tale for anyone considering cryptocurrency investments, especially when prompted by strangers online.
“You shouldn’t mess with cryptocurrency if you’re unfamiliar with how to do it or what it really means,” Vajdich warned. “There are ‘get rich quick’ schemes out there. This is definitely one of them, and crypto is being abused a lot by criminal enterprises.”
He added that criminal rings are taking advantage of people who are chasing fast profits without fully understanding the complexity or risks of the crypto world.
“If you’re going on your own and just thinking you can get rich really quick by investing in crypto, you can really be in for it,” Vajdich said.
A Costly Lesson in Digital Vigilance
Police are now trying to track down the person behind the fake Facebook profile and recover at least part of the stolen funds. But so far, investigators believe the chances of recovering the money are slim.
“It’s a painful reminder,” Vajdich noted, “of that old saying: If it sounds too good to be true, it probably is.”
While the victim may have thought he was participating in the modern economy through digital investment, the scam reveals the darker side of financial technology, one where trust is easily exploited and recovery is often impossible.
Law enforcement hopes the story prompts Ohio residents and others to scrutinise investment opportunities more carefully and avoid making financial decisions based solely on social media connections.
As the use of digital currency continues to grow, so too does its exploitation by criminal actors. This case is one of many nationwide that show just how quickly online interactions can turn into financial devastation.
In the ever-evolving crypto landscape, one thing remains constant: the need for education, scepticism, and vigilance.
