Published:
5:15 PM May 23, 2022
A 71-year-old man is warning others of the dangers of investing in cryptocurrency after losing more than £30,000.
When he began online investing into a Bitcoin scheme Gary Edwards dreamt of easing the financial burden of caring for his wife Brenda, 82, who has advanced dementia.
But instead of topping-up his savings he has been left in crippling debt after taking out bank loans to fund his crypto trading.
“Losing this amount of money is devastating for us,” said the retired engineer from Ten Mile Bank, near Downham Market.
Gary Edwards hoped to ease the financial burden of caring for his wife Brenda, 82, who has advanced dementia
– Credit: Gary Edwards
“I did it all for the right reasons as I’m under tremendous pressure with Brenda. It’s a horrible situation and has been a big trap.”
Having seen his investment supposedly grow to $100,000 he took out two bank loans after being told he’d have to pay an upfront 20pc commission fee to withdraw the money.
But despite paying the fee he has not received any money and believes he may now have lost a huge chunk of his life savings including the £12,500 investment he made and £18,000 in loans and other top up payments.
“As time goes on I’m not hopeful of getting my money back,” he said.
The value of the best known cryptocurrency Bitcoin has dropped to less than half of what it was at its peak last November.
But Mr Edwards believes his losses are…
