Lincoln man loses $350,000 in cryptocurrency trading scam, police say

LINCOLN, Neb. (KLKN) – A 56-year-old man lost $350,000 in a cryptocurrency trading scam, Lincoln Police say.

In December, an unknown caller told the victim to join a group chat on the messaging app Telegram for cryptocurrency trading.

After making some trades, the man was asked to “up his investment to increase his return,” police say.

Once the victim invested $300,000, he got a notice that his account was under audit, according to police.

The owners of the group chat told the victim he could unlock his account by investing more money.

He then put in an additional $50,000, police say.

After being asked once again to invest more money, he reported the scam to police.  An investigation is ongoing.

SEE ALSO: Lincoln woman loses $18,000 in bitcoin scam, police say