My dad started “investing/trading” without asking me anything and I’ve been doing this since like 2017 so I know the horror stories the scams and the ups and downs.
Ok so long story short I’m pretty sure my dad fell for a scam. He is old in his 60s and started trading crypto binary options and was “making money”.
Then he bought some coin that I told him was probably fake and he was obligated to hold onto it for 14 days before selling. He got the coin below market value if he invested a certain amount. He said they called this a subscription.
When he tried to sell it they told him he had to send x amount to a Wallet address to pay taxes for the IRS.
He was having these conversations over whatapp.
Like if he just asked me I would have told him not to risk it and it’s all a scam… pretty sure the app was fake as well and used the name coinpost but when I googled it coinpost is simply a Japanese website/app for crypto news and not an an exchange…
Pretty sure all his money is gone. He told me he was able to withdraw 5k to his CDC wallet and sell it and withdraw fiat to his bank. I told him this was probably a plow for them to convince him the system worked so he would invest more money.
Tl:dr pretty sure dad got scammed out of 100k plus