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An 80-year-old man in the U.S. lost nearly $285,000 to a scam, with the funds converted into cryptocurrency—leading him to sue Charles Schwab

An 80-year-old man in the U.S. lost nearly $285,000 to a scam, with the funds converted into cryptocurrency—leading him to sue Charles Schwab

2026-03-20 21:23

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ChainThink report, March 20: According to Business Insider, 80-year-old New York investor George Chryssanthou fell victim to a telecom scam, losing approximately $285,000. The fraudsters gained remote access to his computer by impersonating Microsoft technical support personnel and subsequently induced him to make multiple wire transfers totaling $284,650 between January 2025 and the time of the incident, all directed to a Coinbase account. The funds were then converted into Bitcoin and transferred off-chain.


The victim has filed a negligence claim against Charles Schwab with the Financial Industry Regulatory Authority (FINRA), alleging that the brokerage failed to detect and prevent these abnormal high-frequency, large-value transactions. Each transfer ranged from $18,000 to $90,000, with the total amount involved in the scam reaching $284,650.

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Disclaimer: Contains third-party opinions, does not constitute financial advice

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