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When the Bitcoin Scammers Came for Me

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2024-09-05 13:30:15

This is Work in Progress, a newsletter about work, technology, and how to solve some of America’s biggest problems. Sign up here.

Earlier this year, an astonishing moneymaking opportunity appeared on my phone. I had somehow been added to a cacophonous group chat populated by scores of high-net-worth investors. For weeks, I watched as they shared photographs of steak dinners and second homes, while also proffering their buy-sell positions, their gains and losses. Keita, a guy with a northern-Florida number, complained about having to hire laborers to clean up his garden. Anthony of New York posted while reading his kids a bedtime story. Jefferson Ogwa talked about smart trades.

The smartest trades of all came from a guy named Mike Wilson, who, along with his assistant at Morgan Stanley, put order recommendations into the chat. When he did, folks would flood the group with screenshots of their Wilson-directed wins and occasionally post their Wilson-advised losses. Wilson’s assistant would aid people in making their trades, encouraging them to hold steady through the inevitable market fluctuations. “Start-up capital is relatively low for those interested in participating,” she wrote. “Stay tuned.”

I stayed tuned. Having not made any trades—as a reporter, I do not actively invest in anything—I nevertheless chimed in: “Can’t wait for the markets to open Monday.” At that point, I got added to other trading groups and my phone started to ping with texts on iMessage and WhatsApp. “This is Marie, do you have time to talk today?” “Are you interested?” From there, escalation, gentle, slow. Would I like to chat? What were my investment goals? How was my week going? Looking forward to anything?

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