A Wisconsin man has lost $150,000 after attempting to exchange a stash of digital currency bitcoins for physical bitcoin tokens with a British scam artist.
Jamie Russell, 34, was attempting to secure money he had made investing in bitcoin when a unit of the digital currency was trading for $5 (it’s trading today for well over $800 per bitcoin). He contacted a British man through the website bitcointalk.org and arranged to send him 201.7 virtual bitcoins in exchange for 190 physical bitcoin tokens. These tokens do exist, and are typically physical “coins” loaded with the encrypted digital currency.
When the British man did not send him the physical tokens and cut off communication, Russell reported the theft to U.K. authorities, TwinCities.com reports. Russell does not expect to get his money back, even if the person who stole from him is prosecuted.
Despite the fraud, Russell remains a bitcoin proponent. “Everything I’ve done in the bitcoin realm has been with my eyes wide open,” he said.
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- How Far Trump Would Go
- Scenes From Pro-Palestinian Encampments Across U.S. Universities
- Saving Seconds Is Better Than Hours
- Why Your Breakfast Should Start with a Vegetable
- 6 Compliments That Land Every Time
- Welcome to the Golden Age of Ryan Gosling
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com