Colorado Springs woman loses $37,000 in crypto scam
A stay-at-home mom in Colorado Springs fell victim to a cryptocurrency investment scam, losing her entire $37,000 inheritance from her late father. The scheme began through a hacked Facebook account of a friend, leading her to deposit funds via a Bitcoin ATM. Despite initial appearances of legitimacy, she received no returns and now warns others about the risks.
Suzanne Pence, a Colorado Springs resident, inherited money from her father who died in August 2025 after they reconnected following 30 years apart. As a stay-at-home mom, she aimed to invest the funds to contribute to her family's livelihood. "My husband has always been the bread winner of the house so after inheriting some money from my dad, I thought that this was the perfect opportunity for me to actually contribute to my family's livelihood," Pence said.
The scam started when Pence saw an investment opportunity posted on Facebook by a close friend. She messaged the friend for details, unaware that the account had been hacked. "I sent her a message and said 'Hey, I want to learn a little more about this. Is this something you'd be willing to teach me,'" Pence recalled. Her son later warned her it was a scam, but she initially dismissed it: "I was like no, no, you're wrong. You're wrong. This is a really good person she would never scam me. Super gullible, you know?"
The criminals directed Pence to open a Bitcoin wallet, deposit cash at a cryptocurrency ATM, and share a photo of the receipt, including the private key despite warnings not to. Over eight days, she transferred the full $37,000, watching it appear to grow on a spoofed website that mimicked a legitimate platform. They promised a $194,000 return, but withdrawal attempts yielded nothing.
Pence felt deep shame: "I felt a lot of shame. I felt like how could I be so stupid? How could I fall for that? I'm too smart for that." FBI Special Agent Eric Burns noted that investment fraud topped Colorado's scams with 14,848 reports in 2024. "Doing this sort of complex multi-layered approach to these scams is very similar to the impersonation scams, in that it helps legitimize the scam itself," Burns said. He added that scammers target vulnerable individuals, like those grieving or newly wealthy, using social media transparency.
Pence, who was grieving her father's recent reconnection, did not report the scam but now urges victims to do so promptly for better recovery chances. "It can happen to anyone. Don't blame yourself. It's those people that scam. They're really, really good at what they do, and it's not your fault," she said. Despite the loss, she finds peace in reuniting with her father.