Cryptocurrency scams have been one of the most common ways criminals lure money out of people in the past several years. In fact, security firm Certik has found that investors lost around $2.5 billion in crypto scams and hacks only in the first half of 2025.
This family fell victim to a crypto scam too, except that it was done by the golden child of the family. The parents, believing that he knew what he was doing, gave him all their life savings and retirement money to invest. After the money was gone, the siblings could only tell them, “I told you so,” but the parents still went out of their way to spare their son the embarrassment.
A crypto bro lost all his parents’ life savings by investing it in a crypto scam
Image credits: Chris Liverani / unsplash (not the actual photo)
Since he was the golden child, the parents didn’t tell the other siblings to spare him from embarrassment
Image credits: voronaman111 / envato (not the actual photo)
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The cryptocurrency investment market is extremely volatile, making it easy to lose large sums of money quickly
Americans aren’t the only ones losing their money to crypto fraudsters. According to The Guardian, the amount that investment scammers take from UK consumers has doubled in a year. So, what is it about cryptocurrency that makes it such a common way to rob people of their money?
If you invest in crypto, it doesn’t automatically mean that you will lose the money. The reality is that the cryptocurrency market is incredibly volatile, making such investments very risky. In this particular story, perhaps the brother wasn’t even a victim of a crypto scam. Sometimes, if not invested correctly, the money might soon be lost.
There is an often-quoted statistic that 90% of investors in cryptocurrency lose their money. While that’s only anecdotal, the risk is still huge. As the co-founder and COO of the crypto risk hedging platform Cork, Anna Stone, told Investopedia, people becoming millionaires from investing in crypto are one in a million lucky stories.
Investing in crypto comes with many risks, including a lack of regulation, software bugs, and scams
Image credits: Jakub Żerdzicki / unsplash (not the actual photo)
Investing in cryptocurrency comes with a lot of risks:
One of the biggest mistakes when investing is spending what you cannot afford to lose
What are the most common mistakes people make when investing in crypto? Here are a few that Investopedia lists:
The sibling was adamant about helping the parents out: “No way in hell they’re living here with me”
Some commenters warned the sibling not to give in to guilt-trips
However, a few others called out the sibling’s malicious attitude
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