Retiree Loses $1M in Crypto Scam That Started on Facebook

An 86-year-old woman from Sault Ste. Marie lost nearly $1 million after falling for a cryptocurrency scam that began with a fake advertisement on Facebook. Judy Skene said she first encountered what looked like an investment opportunity in July 2025 and was persuaded to make an initial deposit of $350. Over the following months, the scammers kept her hooked by promising enormous returns and monthly payouts of up to $40,000 — the kind of yields that would make even the most committed degen raise an eyebrow. Believing the scheme was legitimate, she drained her retirement savings, took out loans, and leaned on credit to send more cash.

How Scammers Trapped the Victim The scheme started after Skene clicked a link shared through a Facebook advertisement. From there, the scammers gained access to her device and reviewed her financial information. They then pressured her into withdrawing $650,000 from her retirement fund and taking a $300,000 mortgage on her condo. On top of that, they convinced her to take a $35,000 credit card advance and liquidate additional savings. Pat Probert, a longtime friend, said the scammers also pushed her to hide the activity and avoid discussing the "profits" with anyone. Probert noted that a bank later warned Skene that she was being targeted by fraudsters, but she remained convinced the scheme was real. He added that the scammers encouraged secrecy and isolation to maintain control over her decisions.

Financial Ruin and Personal Impact Skene said she believed the investment would secure her future and allow her to support charitable causes. In the end, she discovered that all the money had disappeared. "I was devastated," she said. "I just really thought it was going to work out." As a result, she lost her savings, her vehicle, and most of her financial stability. Her friend Pat Probert said she was left with only $200 in her accounts. Her monthly expenses now exceed her income from Canada Pension Plan payments. Additionally, Skene no longer qualifies for some public benefits after withdrawing her retirement savings. Her current income stands at $1,150 per month, while her expenses total about $2,300.

Authorities and Global Scam Crackdown The fight against similar scams is drawing more attention worldwide. A recent major operation involving Meta, the FBI, Microsoft, and Coinbase targeted large scam networks online. The effort led to 63 arrests and over $3 million in crypto assets being frozen. More than 1.1 million scam accounts were deleted, and thousands of related sites were shut down.