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Houston man loses more than $200,000 in cryptocurrency investment

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A Houston man said he has hundreds of thousands of dollars invested in cryptocurrency he can’t access. Jeff McCollum thought he had done his research before investing more than $200,000 through an online investment company.

“I feel like I can pretty much lose everything,” said Jeff McCollum. “I’ll just go back to square one and just rebuild from there.”

McCollum appears to have more than $420,000 in cryptocurrency available in his account with an online investment company. However, he can’t withdraw any of those funds. McCollum tried to withdraw $2,000 from the account while speaking with KPRC 2 Investigates and received a message from the company.

“It says, ‘Sorry your account is currently not available to withdraw funds,’” said McCollum.

McCollum said a friend put him in touch with a supposed financial advisor who recommended using this company to invest in cryptocurrency.

“Both of us used to talk about cryptocurrency, we both invested. We actually did pretty well,” said McCollum.

The company’s website looks legitimate at first glance and McCollum said he saw his initial investments earning money.

“On the website, it was showing how much I was making every single day,” McCollum said.

“On the website, it was showing how much I was making every single day,” McCollum said.

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Sourabh Verma franklin
Sourabh Verma,From Franklin Tn - Sub-editor in Asian News International(ANI) I am a detailed-driven journalist with 3+ years of experience in news writing and copy-editing, I can file quick, compelling and error-free stories as they break. I have sound knowledge of national and international issues and have covered stories across beats, including politics, parliament, legal and crime like drugs and Human Trafficking at Asian News International (ANI), where I currently work. Some of these include extensive coverage of the 2019 Lok Sabha polls, several state Assembly elections, Parliament sessions, COVID-19 pandemic and other stories of national importance. A typical working day involves copy-editing dozens of drafts, managing junior sub-editors in shifts and keeping an eye on developing stories. This added responsibility followed a couple of years of filing stories based on press briefings, bytes and inputs from reporters on the ground.
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