
A Stratford man thought he was investing in Bit-Coin and is now out $348,000.
STRATFORD - A Stratford man has lost $348,000 after falling victim to a Bit-Coin fraud.
Police say the victim started investing with a company called tethertrade.com com last September. They were later called "Coinrally", which deals in Bit-Coin currency. The victim was dealing with people over the phone and online from various locations around the world. He was told to pay a deposit up front before receiving his money.
Around the same time the victim started getting threats over email demanding his personal information in order to get his money back. It is suspected that the entire transaction with this company has been fraudulent from the beginning and the man is now out an estimated $348,000 in cash that he thought was to be invested.
Stratford Police are investigating. Police are warning the public against investing with unknown companies over the Internet, specifically those that deal in Bit-Coin, as these financial interactions will be very difficult to trace.
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