Jun 26, 2025
Jerry and Mindy Dunaway were looking forward to spending their retirement traveling, golfing and spending time with their grandkids. They believed they had planned well for their financial future.
However, those plans now lay in tatters. The Atlanta-area couple fell victim to a cryptocurrency scam that cost them $800,000 they had set aside for retirement.
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It started with an innocent-sounding WhatsApp message from a stranger about an investment opportunity. Jerry was encouraged to make small investments using a trading app.
At first, the returns were good, so Jerry started investing larger amounts. But when he tried to access his money, he found that he couldn’t.
“They show that you have money in, that you’ve made money,” he told WXIA 11Alive News. “This is a no-brainer. You invest more."
The couple eventually called 911 but were told that it was unlikely they would ever get their money back. Now, they are determined to move forward — and have made it their mission to warn others about the risks of investing in cryptocurrency.
Why is crypto so risky and who’s most vulnerable?
Speaking to 11Alive News, Emory University Goizueta Business School professor Rajiv Garg said cryptocurrencies are not covered by the same regulations and government oversight as cash. While that may have its advantages, it also comes with risks.
“The scams are very easy, because there's no oversight,” Garg said. “You cannot go to a bank and say, 'Look, my money is stolen. Can you give it back?' Because the bank wasn't even involved in those scenarios.”
He says scammers use artificial intelligence to help build trust, communicating with and answering questions from many potential investors at once. What’s more, cryptocurrency transactions typically aren’t reversible unless the recipient agrees to send it back.
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According to the FBI, losses related to cryptocurrency fraud totaled more than $5.6 billion in 2023, a 45% increase from 2022. There were 69,000 complaints from the American public about cryptocurrency fraud in 2023.
Those over the age of 60 reported the highest losses, at more than $1.2 billion. Scammers groom older adults using a technique known as pig butchering. They can pretend to be the victim’s friend and then entice them with can’t-miss investment opportunities.
When older people are targeted in such schemes, the results can be devastating. Often the missing money was intended to fund a retirement plan, as was the case with the Dunaway’s.
“You swear to God you’re talking to a real person. It’s that sophisticated now,” said Jerry. “And that’s dangerous.”
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How to spot red flags and protect yourself
According to the FBI and other experts in the field, there are steps you can take to protect yourself from cryptocurrency scams:
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If you receive an unsolicited call or message from a stranger about an investment opportunity, your best bet is to disengage immediately. Schemes that promise massive returns should be a red flag.
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If you’ve never met someone in real life, even if you’ve texted or chatted on the phone, be extremely cautious about accepting investment opportunities from them.
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Never give out personally identifying information without first verifying the identity of the person asking for it.
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Limit your financial advice to that which comes from a certified financial advisor who works for an institution you know and trust.
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If you think someone is trying to scam you or someone you know, report the incident to the authorities. This could be local law enforcement or an agency like the Federal Trade Commission.
Remember, if a stranger contacts you randomly with a fantastic investment opportunity, ask yourself whether it seems too good to be true — if so, it likely is.
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Grant Surridge is a finance-focused editor and writer with more than two decades of experience. His work and bylines span a range of international outlets and institutions, including the National Post, Reuters, Microsoft’s MSN.ca, and Samsung Securities.
