Law student loses £4,500 in crypto scam while trying to help her mum

Sam Kerr, 20, had £1,500 in savings – from her pocket money, and Christmas and birthday money from grandparents since aged 11.

In a bid to increase her lot to help out her poorly mum who was struggling with bills, she found a website online promising huge returns in crypto trading.

Adding £1,000 from her student loan and £2,000 from a relative, she invested it – and thought she was watching it grow from £4,500 to $60,000 in eight weeks.

But when Sam went to withdraw her funds she was told she’d have to put in more money first, she said.

The ‘trader’ said she needed to open more accounts and move the money before she could access it, then stopped responding and blocked her when she asked why, she said.

Sam, a law student at SOAS University of London, said: “It was everything I had – my only hope.

“It feels so unfair and unkind.

“All I wanted to do was make some money, and I’ve been completely ripped off.

“When I signed up on the website a woman contacted me and connected me with this man.

“He showed me a profile that belongs to a guy from a big international financial law firm, so I trusted him – basically he hid behind their name and reputation.

“He said he had a group of traders working for him, that I just had to put in the money and they would do the trading for me.

“He said it was a short-term investment and I could take out the money whenever I wanted.

“When he realised I’d worked out it was a scam he just closed the account.

“Most of our communication was on Whatsapp and he just blocked me.”

Sam believed her money was being traded on Forex – the largest global trading market in the world.

Forex, also known as foreign exchange or FX, is the global market where currencies are bought and sold.

Sam made her first payment, of £4,500, in July, and believed she had $60,000 when she tried to withdraw it on September 19.

She said: “I asked him why the money couldn’t just come out, as it had just gone in.

“He kept saying I had to move it to different accounts before I could take anything out.

“He became really sly and I just knew something was wrong.

“I just had to leave it: I feel so cheated.”

Sam asked the financial ombudsman and Action Fraud for help but says she was told there was nothing anyone could do.