Detectives recover nearly $5,000 Los Osos residents lost in crypto scam

September 13, 2024

By JOSH FRIEDMAN

San Luis Obispo County Sheriff’s detectives have recovered nearly $5,000 out of approximately $17,000 that a cryptocurrency scammer stole from victims in Los Osos two years ago.

On Sept. 12, 2022, the victims informed the San Luis Obispo County Sheriff’s Office of the scam. The victims told investigators that they were called by a man who said their relative had been arrested in another area, and they needed to send money for bail and other expenses. 

A scammer then directed the victims to several local cryptocurrency ATMs, where they deposited approximately $17,000 in cash. The victims sent photographs of their receipts to the scammer.

The receipts contained information allowing the scammer to take control of the funds. 

Detectives from the Sheriff’s Major Crimes Unit investigated and determined the victims had exchanged their funds for bitcoin. Detectives traced the bitcoin to a major cryptocurrency exchange. 

On Tuesday, following a two-year investigation, detectives made a partial recovery of the funds and returned approximately $4,700 to the victims. The SLO County District Attorney’s Office assisted with the effort to recover funds.

The sheriff’s office says it continues to investigate similar types of crimes, and it is trying to raise awareness about cryptocurrency related scams. Anyone who receives something suspicious, such as a popup on the computer saying that one has been hacked, or a phone call demanding money, should contact the sheriffs’ office.

Sheriff’s officials also ask members of the public to inform family and friends about crypto scams to prevent them from happening.