Warning issued over cryptocurrency investment scams on social media

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(WXYZ) — Cryptocurrency is still a relatively new and novel investment, and yes, it can be risky.

Some financial advisors don’t recommend investing in it at all. Even so, this digital medium of exchange is out there, and scammers are trying to capitalize on it.

A grandmother in Wyandotte shared her experience with me, and I want to make you all aware, so you don’t waste your money.

Beth Carmona, 71, said a Facebook page of a man named Rasheed Smith listed him as a cryptocurrency investor with more than $100,000 in sales.

“Somebody posted what he was doing for them. Because what he wants you to do is once you start investing in him and you get to a certain plateau – like $5,500. Then he wants you to take a picture, tell everybody what great job he did,” Carmona said.

He claimed to have a long list of credentials and communicated with her via messenger, email, and WhatsApp.

“When was the first time you sent him money?” I asked Beth.

“Oh, within a week,”…

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