Massimo is a 50 years old Italian man who lost a huge amount of money into crypto scams. He resides in Azerbijan, and he is currently suing Pay Trade Ltd. for $246,656. He has also filed a separate lawsuit to incriminate the CEO of the fraud company Mordechay Moti Mor.

The scam was introduced to the victim by one of his acquaintances. A person named Michele Rinaldi told him that he would be able to earn 5% profit per day if he invests the money right now. Many analysts ensure that most scammers target old people due to their unfamiliarity with the technology. Massimo who had no idea how crypto works ended up losing a lot of his money.

Scammers Use Psychological Tricks to Scam People

These scammers pose as if they have all the necessary knowledge to make the decisions. They use the trick to discourage them from finding out more information and psychologically pressure them to keep investing more money.

In the same fashion, Massimo agreed to make three transfers of 50,000 euros in the scammers’ account. The scammer who was posing as a private investment advisor to Massimo kept asking him to send more money to provide liquidity on his account. These scammers use the language and demeanor that belittles their consumers and keep them from trying to acquire any more information.

The friendly and charming scammers kept pushing Massimo to invest more money into their accounts. When the scammers asked him to transfer another 200,000 euros, he became suspicious and refused. The same day, scammers closed his account and blocked him from all contact numbers. Without any explanations and information, the victim realized that he lost all his money to a scam.

With the help of some private investigators, he was able to find out the whereabouts of the scammers who were based in Israel. Massimo went on to file a lawsuit against the scammers, and he is currently waiting for a favorable verdict. Meanwhile, his acquaintance Michele Rinaldi maintained that he had no affiliations with the scammers and is perfectly innocent.