As it is with the plethora of fraud cases involving cryptocurrencies, the unfortunate victim being defrauded of a huge sum of $62,500 worth of Bitcoin is most definitely not going to get it back.
Earlier this year in February, she used Instacoin a Bitcoin ATM company to send $62,500 worth of bitcoins to a fraudster posing as the Canadian Revenue Agency.
With the hopes of getting her money back, she sued Instacoin for the same amount she was defrauded. But her hopes were dashed, as of yesterday, the court ruled in favor of the Bitcoin ATM company claiming that they were not responsible for her loss and she will not get her money back.
The fraudster claiming to work for the Canadian Revenue Agency had demanded that she paid taxes she allegedly owed. For fear of deportation, being an immigrant, she bought Bitcoin from the ATM company and sent it to that fraudster believing she had paid her taxes.
To her disappointment, she found out later that those calls were not from the Canadian government but a fraud. The Charlottetown Provincial court had ruled in favor of Instacoin after she sued the ATM company last month.
The Judge, Nancy Orr said;
“Both sides involved in this case are completely sympathetic to the woman. It’s up to the bitcoin purchaser to know what they’re doing.”
The Judge maintained that the company was not to blame, as they did not put her under any duress and that it was unfortunate she was a victim of such sophisticated fraud.
Although Instacoin still has the money she deposited, it is certain that with the transaction she made with those fraudsters, her money is gone forever.
For now, it is imperative for crypto users to become more aware of the tactics of these fraudsters and be sure of the persons they intend transacting with because of the immutable nature of Bitcoin transactions.
With time, newer innovations will not just checkmate these problems but put an end to it.