KPRC 2 Investigates: Fake crypto coach steals $30,000+ from ... - KPRC Click2Houston

In a bonus episode of our hit investigative docuseries, KPRC 2 Investigates reporter Robert Arnold and former KPRC 2 reporter Phil Archer examine the case of Bob Fratta – the ex-Missouri City public safety officer just executed for hiring a hitman to kill his wife in 1994.
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Andrea Slaydon, Special Projects Producer
Amy Davis, Investigative Reporter
Published: January 11, 2023, 4:28 AM
Updated: January 11, 2023, 6:53 AM
Andrea Slaydon, Special Projects Producer
Amy Davis, Investigative Reporter
CONROE, Texas – As you look to make money in the new year, you may be curious about cryptocurrency. While it’s becoming more popular, it can be confusing. That’s part of why so many people fall victim to crypto fraud. A Conroe man said he did his homework and thought he was doing everything right, but he still lost a lot of money. He called KPRC 2 Investigates for help.
Nathan Sanders said he’s been thinking about investing in crypto for a while now. He read up on the news, and the warnings and followed “crypto influencers” on social media. That’s where the trouble all started.
“They were very helpful. It was like, I’m telling you, they weren’t like pushy or anything like that,” explained Sanders.
Looking to learn about cryptocurrency, Sanders was excited when an investor he was following contacted him on Instagram.
“And according to them, they turned $500,000 in the $2.5 million in two and a half years, investing in Coinbase,” said Sanders.
Sanders trusted using Coinbase, one of the top crypto trading sites. But here’s the first red flag: the investor had him click on a secondary site *from Coinbase* for the transactions.
“So start small. They did like a small amount, made money off of it,” he explained. “I was able to pull the money out with a test. I’m skeptical at first. I’m like ‘you just reaching out to me, pulled the money out, was able to pull it out, did another trade.’”
The ability to take money out made Sanders feel safe, so he invested more. Then weeks later, Sanders had a big problem. He was the victim of ID theft with thieves using his information to take out loans in his name. He realized that a secondary crypto site might be the problem and wanted to take his money out. It was too late.
“Just shut down and gone, taken, like transferred it to their account. We’re talking about over, you know, $30,000 loss.”
Sanders contacted Conroe police, the FBI, and the Federal Trade Commission.
After a big increase in cases like this, the FBI recently sent out a warning calling it a pig butchering scheme – where someone appears to be a successful crypto trader wanting to help you make money.
Red flags in cases like this include:
[Read more information from the FBI in this week’s Ask Amy.]
“It’s kinda like the wild, wild west with cryptocurrency,” said Sanders.
Coinbase told us they warn customers about checking secondary websites. They are working with Sanders on his case. Coinbase sent us this warning about investment scams and they pointed out that they have extensive security measures in place to help fight this type of crime.
Conroe PD and the FBI told us they can’t comment since the investigation is ongoing. So far Sanders has not gotten his money back.
If the crypto site has a secondary link, you can check the site for malware using these free websites PC Risk or Site Check.
Anyone who believes they’ve been a victim of cryptocurrency fraud should file a report with the FBI’s Internet Crime Complaint Center at www.ic3.gov. They can also call the FBI Houston Field Office at 713-693-5000.
Copyright 2023 by KPRC Click2Houston – All rights reserved.
Award-winning TV producer and content creator. My goal as a journalist is to help people. Faith and family motivate me. Running keeps me sane.
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