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Posted
11 hours ago, PJ71 said:

Does that make the scam ok?

 

No, but when you have too much money you don't know what to do with, there's more likelihood of some unscrupulous people picking your pockets. 

 

For one thing, ultra rich people often outsource to other people to manage their money because it's a full-time job to invest 10s of millions of dollars ... and then can you trust these people? 

 

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Posted

 

Every human being should, at birth, be branded on the forehead with the words of the one and only Eternal Truth:

 

THERE IS NO SUCH THING AS A FREE LUNCH.

 

In their own individual language, of course.

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Posted
On 8/3/2025 at 6:03 AM, Georgealbert said:

legitimate cryptocurrency investment site

Oxymorn??? in the long run.   Anyway greed  breeds grief or is it stupidity?

Posted
On 8/2/2025 at 7:24 PM, save the frogs said:

What is your net worth if you can afford to gamble 1.1 million dollars on a shady crypto site? 

 

 

But look at the high yield he was going to get.   Bet the farm.

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Posted
On 8/3/2025 at 7:57 AM, save the frogs said:

 

No, but when you have too much money you don't know what to do with, there's more likelihood of some unscrupulous people picking your pockets. 

 

For one thing, ultra rich people often outsource to other people to manage their money because it's a full-time job to invest 10s of millions of dollars ... and then can you trust these people? 

 

The impression that the original article gave was that he was a fairly normal sort of bloke who just invested a few thousand dollars early on and was fortunate enough to make a million bucks on his investment. There was nothing that implied that this guy is ultra rich, as a matter of fact I think it mentioned that that represented a good portion of his net worth. 

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Posted
49 minutes ago, wombat said:

Aren't you really trying to ask how an Aussie copper can have so much money on retirement?

I know I sure as sh## would be.

Was he stationed at the Cross or St Kilda?

If AUD rather than USD, then although a fair sum, its only around GBP500,000. Could be the proceeds of a house sale.

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Posted
19 hours ago, brfsa2 said:

What probably happens is that this new Crypto site offered a very high staking or "automatic AI" based trading, then wait for large deposits and gone by the wind.

 

Most exchange offer staking, meaning, you just leave your crypto and it will give you a fixed return. I used to stake Cardano (ADA) getting 7-8% , now a days lucky to get 3-4%. But of course I did staking holding private keys.

 

So, this is how the scam goes.

1. New crypto exchange offers much higher returns than other established exchanges. Such as BTC for 5% Yearly Yield, while most exchanges are 0.9%

2. People sign up and start depositing their crypto from their hardware wallet or other exchange.

3. Suddenly exchange goes down and nobody can withdraw. 

4. You just lost everything.

 

Don't fall for high staking offers, keep your crypto in a hardware wallet.

better off just stick the gold of all coins, BTC, and use as your retirement.

 

my friends ask me from time to time since many years, "What should I invest" I say BTC only. nothing else.

 

 

 

The maxis

 

DYOR

Posted

"Alex now faces charges of computer fraud and public deception. He denies the allegations, claiming his mobile phone was stolen and that he, too, was a victim."

 

Yeah ... right. The fact you fled your residence and failed to report to the summons and now,  and only now, you report that your phone had been stolen claiming victimhood.  No doubt he will come up with an excuse for not reporitng his mobile phone stolen on a timely basis,  that's if his phone had anything to do with the scam.

Posted
On 8/3/2025 at 6:24 AM, save the frogs said:

What is your net worth if you can afford to gamble 1.1 million dollars on a shady crypto site? 

 

 

That’s Australian $ so not that much in other currencies plus it stated a large amount from his police pension which I assume he was allowed to take it as a tax free allowance lump sum reducing his monthly pension having said all that the last thing I would do is invest in crypto I’ve seen to many people sucked into it and losing a lot of their investment by scammers 

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Posted
On 8/3/2025 at 6:24 AM, save the frogs said:

What is your net worth if you can afford to gamble 1.1 million dollars on a shady crypto site? 

 

 

It seems that Australian police is as shady as their Thai counterparts when it comes to amassing irregular fortunes, not always reflecting the standard police salary.  Think Joe Ferrari and so many others.

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Posted
On 8/3/2025 at 6:03 AM, Georgealbert said:

investigators traced the money trail and located the suspect, who had fled his Phuket residence. He was arrested by Immigration Police Division 6 at a fitness club in southern Thailand

 

Alex was smart enough to con people out of millions, but so dumb that he stayed in Thailand after being exposed? Or did he think he had greased things with the police?

 

25 minutes ago, heiri007 said:

Bybit is a legit exchange, there's much more to the scam

 

On 8/3/2025 at 6:03 AM, Georgealbert said:

“Alex” from Germany, had defrauded them using a fake online trading platform that mimicked a legitimate cryptocurrency investment site

 

This is the usual MO in the Chinese "pig butchering" scams - get people's trust by letting them log onto a doctored website that appears to show great returns, and maybe even let them withdraw or move small amounts, but then close it down and disappear when they become suspicious or try to get their money out.

Posted
On 8/3/2025 at 6:17 AM, gargamon said:

I really, really, need to start investing in the crypto stuff. Scams everywhere. Home break-ins with torturing till you cough it up. Etc. Etc.

 

Is that Alex in the pic? Or the victim? Why so happy?

You will buy bitcoin eventually, at the price you deserve

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Posted
18 hours ago, KhunBENQ said:

All the millions were on the phone. A real pro...

liar!

Phone lost, millions lost.

Reminds me of the fool who threw a hard-disc with 750 million Euro worth of BC in the trash and since then trying to dig up the local garbage dump.

He's now trying to buy the land.

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Posted
1 hour ago, Ironmike said:

This copper was very obviously on the take back in Oz because like so many other Australian police you need to be taking bribes to amase that much money and if he's that stupid then a fool and his money are soon parted. 

Aussie police = one of the best paid jobs for those with sticky fingers.

 Rodger Rogerson was a prime example

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