‘Please…it’s all I have.’ How one mistake cost this man $30k in life savings
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Good financial planning and making careful choices can set you up for life in your later years. Unfortunately, one mistake can also cost you all that hard work and leave you with next to nothing if you don’t stay vigilant.
And, unfortunately, that’s what happened to one man who lost $30,000 in life savings all because of one simple mistake.
We all know the saying 'if it’s too good to be true, it probably is', but this warning can sometimes be forgotten – especially when the offer promises financial freedom.
Mark Rose, 54, lost $30,000 after he was promised a three-to-one return by investing in a cryptocurrency offering. However, when nothing appeared in his account and his inquiries went unanswered, he started to panic.
He sent desperate pleas for his money to be returned, but soon realised that would not happen.
It all started when Mr Rose, who is an IT worker, took money out of his superannuation when the federal government offered early access during the pandemic.
He explained that he spent three years building up his original investment with the cryptocurrency, Ripple.
Mr Rose explained, ‘I took the $10,000 out of my super before the end of mid-year break and I took $10,000 after the mid-year tax break when you could get your super, and then I also added $10,000 in cash that I had been putting in through work.’
He also shared that he ‘contracted a lot’ with work so he didn’t have much left in his super. ‘I only had $23,000, so I basically cleaned that out to get a better return,’ he claimed before adding how he believed he wasn’t going to get a ‘better return’ from his superannuation because he didn’t have a lot in it.
Unfortunately for Mr Rose, during this time his job contract also ended, and his rent went up $120. It all happened within a span of three weeks.
‘I had no cash, no job and I couldn’t afford to pay rent as I’m a single dad, so I had to move out,’ he stated. Mr Rose also shared that he moved back in with his parents while he looked for another apartment.
‘I’m still there at the moment and I just got another good, pretty paying job but all my savings are gone.’
Mr Rose admitted that he was tricked into the scam over a year ago after watching a feed called XRP Bonus Support for a month on the instant messaging service Telegram.
And while he was initially suspicious, he said that because there were hundreds of people from all over the world praising the returns made him feel comfortable. He also stated that he talked to many ‘happy customers’ at the time, but now realises that these may have been fake accounts.
Mr Rose explained that he made the careless mistake of transferring his entire investment in one go.
‘That was mistake 101 that you shouldn’t do even if it’s legitimate,’ he admitted.
In an even more devastating turn of events, he said he also lost $100 to another scammer who promised to help him recover his lost funds.
Mr Rose revealed that the scam almost ruined him. He said: ‘If I didn’t have my parents and somewhere to live, I would be on the street – it crushed me.’
He also explained that he’s struggled with depression ever since realising that he’ll never get his money back.
‘I’ve got less than $500 in the bank now and I’m living pay cheque to pay cheque as it takes so long to save money to have a few extra bob to throw into savings. I have no emergency money and back then I had nowhere to live, my job finished and I lost all this money on crypto,’ he declared.
In some of the messages he shared with reporters, Mr Rose pleaded with the scammers to respond to him and told them that he was ‘really scared’.
‘Please don’t steal from me, it’s all I have,’ one message reads. Another message read: ‘I’m extremely worried and scared now. Please, it’s my life savings.’
However, the website soon disappeared after Mr Rose gave them his money. But he managed to track the movement of the cryptocurrency via blockchain network, which is the technology used to track crypto wallets.
‘One wallet had $13,000 in it on Binance and then they have got some of it as well with smaller amounts and you wonder how many of these wallets are holding scam crypto?’ Mr Rose explained.
He also said that everything is traceable and one could spend hours following the trail. ‘And that’s what s***s me – you know where it’s gone but can’t do anything about it, he added.
Mr Rose said he reported the crime to the authorities.
According to Bank of Queensland’s Customer Advocate Ben Griffin, scammers usually transfer funds to offshore cryptocurrency accounts to make it impossible for banks to retrieve lost funds. This comes after one couple almost lost $146,000 in savings due to a sophisticated scam. You can read more about that here.
Surprisingly, Mr Rose said the experience won’t stop him from investing in crypto again. ‘I was going to use the savings to try and get a place, so it affects everything in your life. I can’t stay away from crypto and work 9-5 as it will achieve nothing.’
He added that cryptocurrency is ‘definitely the way of the future’ and that he wanted to try and build up his crypto wallet again before he gets too old to work.
A spokeswoman from Binance Australia said the company actively collaborates with law enforcement agencies in the country to enhance scam awareness through training sessions. The ACCC also warned the public about investment scams.
ACCC Deputy Chair Delia Rickard said: ‘Many consumers are unfamiliar with the complexities of cryptocurrency and this can make them more vulnerable to scams.’
We hope everyone stays safe and stays vigilant against cybercrime. If you have been scammed, alert the authorities immediately and submit a report to Scamwatch here.
And, unfortunately, that’s what happened to one man who lost $30,000 in life savings all because of one simple mistake.
We all know the saying 'if it’s too good to be true, it probably is', but this warning can sometimes be forgotten – especially when the offer promises financial freedom.
Mark Rose, 54, lost $30,000 after he was promised a three-to-one return by investing in a cryptocurrency offering. However, when nothing appeared in his account and his inquiries went unanswered, he started to panic.
He sent desperate pleas for his money to be returned, but soon realised that would not happen.
Mr Rose’s messages showed how panicked he was. Credit: Mr Rose via News.com
It all started when Mr Rose, who is an IT worker, took money out of his superannuation when the federal government offered early access during the pandemic.
He explained that he spent three years building up his original investment with the cryptocurrency, Ripple.
Mr Rose explained, ‘I took the $10,000 out of my super before the end of mid-year break and I took $10,000 after the mid-year tax break when you could get your super, and then I also added $10,000 in cash that I had been putting in through work.’
He also shared that he ‘contracted a lot’ with work so he didn’t have much left in his super. ‘I only had $23,000, so I basically cleaned that out to get a better return,’ he claimed before adding how he believed he wasn’t going to get a ‘better return’ from his superannuation because he didn’t have a lot in it.
Mr Rose said he took money out of superannuation to invest in the cryptocurrency, Ripple. Credit: Worldspectrum
Unfortunately for Mr Rose, during this time his job contract also ended, and his rent went up $120. It all happened within a span of three weeks.
‘I had no cash, no job and I couldn’t afford to pay rent as I’m a single dad, so I had to move out,’ he stated. Mr Rose also shared that he moved back in with his parents while he looked for another apartment.
‘I’m still there at the moment and I just got another good, pretty paying job but all my savings are gone.’
Mr Rose admitted that he was tricked into the scam over a year ago after watching a feed called XRP Bonus Support for a month on the instant messaging service Telegram.
And while he was initially suspicious, he said that because there were hundreds of people from all over the world praising the returns made him feel comfortable. He also stated that he talked to many ‘happy customers’ at the time, but now realises that these may have been fake accounts.
Be wary of offers that are too good to be true. Credit: Rūdolfs Klintsons/Pexels
Mr Rose explained that he made the careless mistake of transferring his entire investment in one go.
‘That was mistake 101 that you shouldn’t do even if it’s legitimate,’ he admitted.
In an even more devastating turn of events, he said he also lost $100 to another scammer who promised to help him recover his lost funds.
Mr Rose revealed that the scam almost ruined him. He said: ‘If I didn’t have my parents and somewhere to live, I would be on the street – it crushed me.’
He also explained that he’s struggled with depression ever since realising that he’ll never get his money back.
‘I’ve got less than $500 in the bank now and I’m living pay cheque to pay cheque as it takes so long to save money to have a few extra bob to throw into savings. I have no emergency money and back then I had nowhere to live, my job finished and I lost all this money on crypto,’ he declared.
In some of the messages he shared with reporters, Mr Rose pleaded with the scammers to respond to him and told them that he was ‘really scared’.
‘Please don’t steal from me, it’s all I have,’ one message reads. Another message read: ‘I’m extremely worried and scared now. Please, it’s my life savings.’
However, the website soon disappeared after Mr Rose gave them his money. But he managed to track the movement of the cryptocurrency via blockchain network, which is the technology used to track crypto wallets.
‘One wallet had $13,000 in it on Binance and then they have got some of it as well with smaller amounts and you wonder how many of these wallets are holding scam crypto?’ Mr Rose explained.
He also said that everything is traceable and one could spend hours following the trail. ‘And that’s what s***s me – you know where it’s gone but can’t do anything about it, he added.
Mr Rose said he reported the crime to the authorities.
According to Bank of Queensland’s Customer Advocate Ben Griffin, scammers usually transfer funds to offshore cryptocurrency accounts to make it impossible for banks to retrieve lost funds. This comes after one couple almost lost $146,000 in savings due to a sophisticated scam. You can read more about that here.
Surprisingly, Mr Rose said the experience won’t stop him from investing in crypto again. ‘I was going to use the savings to try and get a place, so it affects everything in your life. I can’t stay away from crypto and work 9-5 as it will achieve nothing.’
He added that cryptocurrency is ‘definitely the way of the future’ and that he wanted to try and build up his crypto wallet again before he gets too old to work.
A spokeswoman from Binance Australia said the company actively collaborates with law enforcement agencies in the country to enhance scam awareness through training sessions. The ACCC also warned the public about investment scams.
ACCC Deputy Chair Delia Rickard said: ‘Many consumers are unfamiliar with the complexities of cryptocurrency and this can make them more vulnerable to scams.’
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