Carly Rowena, a fitness influencer from the UK, fell victim to a cryptocurrency scam, losing £5,700 ($7,450). She recounted her ordeal, aiming to educate others on avoiding similar pitfalls.

What Happened: Rowena was deceived into transferring her crypto assets to an Instagram account she mistakenly believed was operated by a financial expert. The account was actually controlled by a scammer who had compromised her friend’s profile. She admitted feeling “stupid” upon discovering the scam.

Talking to CNBC recently, she advises to be wary of deals that appear “too good to be true” and taking time to reflect and consult with someone before making decisions.

“No opportunity will just vanish in a second,” Rowena told.

See Also: Donald Trump Says His Crypto Project World Liberty Financial Will Start Selling Tokens On Tuesday

Additionally, Rowena suggests keeping screenshots of communications as proof and reaching out to banks or trusted entities for advice. Despite the incident, she continues to engage with her audience on social media, providing wellness tips.

Meta, the parent company of Instagram, is currently investigating the fraudulent account involved in the scam. The company has stated its dedication to tackling fraud on its platforms.

Why It Matters: The incident with Rowena is part of a broader issue within the cryptocurrency sector, which has been plagued by scams and fraudulent activities. Recently, the FBI dismantled a $25 million crypto fraud ring called “Operation Token Mirrors,” leading to the arrest of several individuals across different countries. This operation highlighted the scale of fraudulent activities in the crypto market.

Moreover, Gary Gensler, chair of the U.S. Securities and Exchange Commission, emphasized in May that while the crypto sector is a small part of the overall market, it accounts for a disproportionately large share of scams and frauds. He has called for stronger regulatory frameworks to address these issues.

Read Next:

• Trump’s Election Odds On Polymarket, Gary Gensler’s Doubts About Cryptocurrency’s Future, Shiba Inu Lead

Image via Freepik

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari