80-YEAR-OLDS MAKING CRYPTO WITHDRAWALS WILL GET A CALL, SAYS CRYPTO EXEC

Last updated: June 20, 2025, 00:08 | Written by: Katie Haun

The burgeoning world of cryptocurrency, with its decentralized nature and promise of high returns, has attracted investors of all ages.However, this digital frontier also presents significant risks, especially for vulnerable demographics like senior citizens.Scammers are increasingly targeting older adults with sophisticated schemes, exploiting their trust and lack of familiarity with the complex crypto landscape.This alarming trend has prompted crypto exchanges to implement proactive measures to protect their users.One such exchange, Independent Reserve, is taking a unique approach: if they see an 80-year-old making a crypto withdrawal, they're going to get a call.This initiative, spearheaded by CEO Adrian Przelozny, highlights the growing concern about scams targeting the elderly in the crypto space and the need for greater vigilance from exchanges. 80-year-olds making crypto withdrawals will get a call, says crypto exec Coin Telegraph 25 minutes ago 56 Independent Reserve CEO Adrian Przelozny says the exchange has a team that spends all day calling potential scam victims to question their suspicious transactions.This isn't just about protecting assets; it's about safeguarding the financial well-being and peace of mind of a particularly susceptible group.By understanding the risks and the steps being taken to mitigate them, both investors and their families can navigate the crypto world more safely.

Protecting Vulnerable Investors: Independent Reserve's Proactive Approach

Independent Reserve's strategy underscores a crucial point: the crypto industry has a responsibility to protect its users, especially those who may be more vulnerable to scams. BTCUSD Bitcoin 80-year-olds making crypto withdrawals will get a call, says crypto exec Independent Reserve CEO Adrian Przelozny says the exchange has a team that spends all day calling potential scam victims to question their suspicious transactions.CEO Adrian Przelozny emphasizes that the exchange has a dedicated team focused on identifying and contacting potential scam victims. 80-year-olds making crypto withdrawals will get a call, says crypto exec. ٠١/٠٩ ١١:٢٥This team's primary task is to question suspicious transactions and ensure that users understand the implications of their actions.

According to Przelozny, data indicates that individuals over 65 involved in crypto face a significantly higher risk of being scammed. The trade-off is that if funds are lost or stolen, there can be no way to get them back. Self-reliance is a key ethos of crypto. Securing and controlling one s private keys, which are like passwords used to access one s crypto holdings, is viewed as sacrosanct among many in the crypto community.This statistic highlights the urgent need for targeted interventions and educational resources for this demographic. 80-year-olds making crypto withdrawals will get a call, says crypto exec cointelegraph.com Crypto exchanges need to be more vigilant than ever in preemptively contacting customers to protect them from scams, with one particular group needing extra attention, according to a crypto exchange exec.The exchange's proactive approach isn't just about preventing financial losses; it's about safeguarding the trust and confidence of its users.

But how does this proactive approach work in practice?When an 80-year-old (or any user exhibiting suspicious activity) attempts a withdrawal, Independent Reserve's team immediately steps in.This involves a direct phone call to the customer to discuss the transaction in detail. 80-year-olds making crypto withdrawals will get a call, says crypto exec. RSV 2025 CHIN RSRV CEO. By Cointelegraph. Created 2 months agoThe purpose of this call is multi-faceted:

Verification: Confirming that the withdrawal request is legitimate and initiated by the account holder.
Education: Explaining the risks associated with cryptocurrency and potential scams.
Assessment: Gauging the user's understanding of the transaction and its potential consequences.
Prevention: If necessary, intervening to prevent the withdrawal if there are strong indicators of a scam.

This approach is not without its challenges.It requires a significant investment in human resources and a sophisticated system for identifying suspicious activity.However, Independent Reserve believes that the benefits of protecting vulnerable users outweigh the costs.

Why are Seniors Particularly Vulnerable to Crypto Scams?

Several factors contribute to the increased vulnerability of senior citizens to crypto scams:

Lack of Familiarity: Many seniors are unfamiliar with cryptocurrency and the complex technology behind it. Independent Reserve CEO Adrian Przelozny says he has a team that spends all day calling potential scam victims to question their suspicious transactions.This lack of understanding makes them more susceptible to sophisticated scams that exploit their knowledge gap.
Trusting Nature: Older adults are often more trusting and polite, making them easier targets for scammers who use manipulative tactics.
Cognitive Decline: Age-related cognitive decline can impair judgment and decision-making abilities, making seniors more vulnerable to fraud.
Loneliness and Isolation: Scammers often prey on seniors who are lonely or isolated, offering them friendship and companionship in exchange for financial assistance.
Desire for Quick Returns: Some seniors may be tempted by the promise of high returns in the crypto market, making them more willing to invest in risky schemes.

These factors, combined with the inherent complexity and anonymity of the crypto world, create a perfect storm for scammers to exploit.It's crucial to recognize these vulnerabilities and take steps to protect seniors from falling victim to these scams.

Common Crypto Scams Targeting Seniors

Understanding the types of scams that target seniors is essential for prevention.Here are some common tactics used by crypto scammers:

Romance Scams: Scammers create fake online profiles and build relationships with seniors, eventually asking for money to invest in crypto.
Investment Scams: Scammers promise high returns with little or no risk, often using fake testimonials and endorsements to lure victims in.
Government Impersonation Scams: Scammers pose as government officials and threaten seniors with legal action if they don't pay taxes or fines in crypto.
Tech Support Scams: Scammers claim to be tech support agents and convince seniors to give them remote access to their computers, allowing them to steal crypto or install malware.
Sweepstakes and Lottery Scams: Scammers tell seniors they've won a prize but need to pay fees or taxes in crypto to claim it.

Recognizing these red flags can help seniors avoid becoming victims of crypto scams. BTCUSD Bitcoin 80-year-olds making crypto withdrawals will get a call, says crypto exec. Independent Reserve CEO Adrian Przelozny says the exchange has a team that spends all day callingIt's important to be skeptical of unsolicited offers and to never give out personal information or send money to someone you haven't met in person.

How to Protect Seniors from Crypto Scams: A Family Guide

Protecting seniors from crypto scams requires a collaborative effort between family members, friends, and financial professionals. This demographic s vulnerability has prompted Independent Reserve to implement rigorous checks, especially when unusual activity, such as withdrawals, is detected. For instance, if an 80-year-old customer attempts a withdrawal, our team will reach out directly to discuss the transaction, Przelozny explained.Here are some actionable steps you can take:

Education is Key: Talk to your loved ones about the risks of crypto scams and teach them how to identify red flags. View All Result . Home Regulations. 80-year-olds making crypto withdrawals will get a call, says crypto execExplain the importance of being skeptical of unsolicited offers and never giving out personal information online.
Monitor Their Accounts: Regularly review their bank and crypto accounts for suspicious activity. Independent Reserve CEO Adrian Przelozny says the exchange has a team that spends all day calling potential scam victims to question their suspicious transactions. 80-year-olds making crypto withdrawals will get a call, says crypto exec - News IOSet up alerts for large transactions or withdrawals.
Limit Access to Technology: If your loved one is particularly vulnerable, consider limiting their access to technology or setting up parental controls on their devices.
Encourage Open Communication: Create a safe space for your loved one to talk about their finances and any suspicious interactions they may have had.
Seek Professional Advice: Consult with a financial advisor or elder law attorney to develop a plan for protecting your loved one's assets.
Report Suspected Scams: If you suspect that your loved one has been targeted by a crypto scam, report it to the Federal Trade Commission (FTC) and local law enforcement.

Practical Tips for Seniors

Here are some direct tips for seniors to follow to avoid falling victim to scams:

Never invest in something you don't understand. Crypto can be complex, so take your time and do your research.
Be wary of unsolicited offers. If someone contacts you out of the blue offering a ""guaranteed"" investment opportunity, it's likely a scam.
Don't give out personal information. Never share your Social Security number, bank account details, or crypto wallet keys with anyone you don't trust.
Be skeptical of online relationships. If someone you've met online asks you for money, it's a red flag.
Talk to a trusted friend or family member before making any major financial decisions. Getting a second opinion can help you avoid making a mistake.
If it sounds too good to be true, it probably is. Crypto can be volatile, so be wary of anyone promising guaranteed high returns.

The Role of Crypto Exchanges in Protecting Users

While individual vigilance is crucial, crypto exchanges also have a significant role to play in protecting their users. If we see an 80-year-old making a crypto withdrawal, they are going to get a call, Independent Reserve CEO Adrian Przelozny said in an interview with Cointelegraph. Przelozny further saidThis includes:

Implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations: These measures help to verify the identity of users and prevent illicit activity.
Monitoring transactions for suspicious activity: Exchanges should have systems in place to detect unusual patterns of behavior, such as large withdrawals or transfers to suspicious addresses.
Providing educational resources: Exchanges should offer clear and concise information about the risks of crypto scams and how to avoid them.
Offering customer support: Exchanges should have readily available customer support channels to assist users with questions or concerns.
Collaborating with law enforcement: Exchanges should cooperate with law enforcement agencies to investigate and prosecute crypto scams.

Independent Reserve's approach of calling 80-year-olds making crypto withdrawals is a prime example of proactive measures that exchanges can take to protect vulnerable users.However, more needs to be done across the industry to ensure that all users are adequately protected.

The Challenges of Regulation

The decentralized nature of cryptocurrency presents significant challenges for regulation.It's difficult to track and regulate transactions that occur across borders and outside of traditional financial institutions. 80-year-olds making crypto withdrawals will get a call, says crypto exec PANews ｜ Independent Reserve CEO Adrian Przelozny says he has a team that spends all day calling potential scam victims to question their suspicious transactions.However, governments around the world are increasingly recognizing the need for regulation to protect investors and prevent illicit activity.

Regulation can help to:

Increase transparency: Regulations can require exchanges to disclose more information about their operations and the risks of crypto investing.
Prevent fraud: Regulations can make it more difficult for scammers to operate and can provide law enforcement with the tools they need to prosecute them.
Protect investors: Regulations can establish standards for investor protection, such as requiring exchanges to hold customer funds in segregated accounts.

However, regulation must be carefully balanced to avoid stifling innovation and driving legitimate crypto activity underground. net chg. %chg. highThe key is to create a regulatory framework that is both effective and flexible.

Beyond Independent Reserve: Industry-Wide Best Practices

While Independent Reserve's initiative is commendable, it's crucial to foster a culture of proactive protection across the entire crypto industry.Here are some best practices that all exchanges should consider adopting:

Implement Age-Based Alerts: Similar to Independent Reserve, trigger alerts for withdrawals made by users above a certain age threshold, prompting additional verification steps.
Enhance Transaction Monitoring: Utilize advanced analytics and machine learning to identify suspicious transaction patterns indicative of scams, such as rapid transfers to unfamiliar wallets.
Develop Targeted Educational Programs: Create educational resources specifically designed for seniors, using clear and simple language to explain crypto basics and scam prevention strategies.
Partner with Senior Advocacy Groups: Collaborate with organizations that serve seniors to raise awareness about crypto scams and provide support to victims.
Establish a Dedicated Scam Reporting Hotline: Provide a dedicated phone line or online portal for users to report suspected scams quickly and easily.
Offer Multi-Factor Authentication (MFA): Mandate the use of MFA for all accounts, adding an extra layer of security to prevent unauthorized access.

By implementing these best practices, the crypto industry can create a safer and more trustworthy environment for all users, especially those who are most vulnerable to scams.

Crypto's Volatility and Long-Term Investment Strategies

It's also important to remember that crypto is not a get-rich-quick scheme. Independent Reserve CEO Adrian Przelozny says the exchange has a team that spends all day calling potential scam victims to 80-year-olds making crypto withdrawals will get a call, says crypto execAs Adrian Przelozny stated, crypto is ""certainly not suitable for investors with a tight timeline until they need the money."" The crypto market is notoriously volatile, and prices can fluctuate dramatically in a short period of time. 80-year-olds making crypto withdrawals will get a call, says crypto exec 80-year-olds making crypto withdrawals will get a call, says crypto execThis volatility can be especially dangerous for seniors who may be relying on their investments for retirement income.

For those who choose to invest in crypto, it's essential to adopt a long-term investment strategy.This means:

Investing only what you can afford to lose: Never invest more than you're willing to lose, as the value of your investment could potentially drop to zero.
Diversifying your portfolio: Don't put all your eggs in one basket.Diversify your investments across different asset classes to reduce your overall risk.
Holding for the long term: Don't try to time the market.Hold your investments for the long term to ride out the inevitable ups and downs.

Crypto exploded in popularity between September 2025 and March 2025 (Note: This seems like a typo and should be adjusted to reflect the actual time period of crypto popularity). 80-year-olds making crypto withdrawals will get a call, says crypto exec. 01/09 .However, it's important to remember that past performance is not indicative of future results.The crypto market is constantly evolving, and there's no guarantee that prices will continue to rise.Due diligence and careful consideration are always advised.

The Importance of Self-Reliance and Security in Crypto

A key ethos of crypto is self-reliance.Securing and controlling one's private keys, which are like passwords used to access one's crypto holdings, is considered sacrosanct among many in the crypto community. Crypto exchanges need to be more vigilant than ever in preemptively contacting customers to protect them from scams, with one particular group needing extra attention, according to a crypto exchange exec. If we see an 80-year-old making a crypto withdrawal, they are going to get a call, Independent Reserve CEO Adrian Przelozny said in anHowever, this self-reliance also comes with significant responsibility.If you lose your private keys, you lose access to your crypto, and there's often no way to recover it.

Therefore, it's crucial to take steps to protect your private keys.This includes:

Using a strong and unique password: Don't use the same password for multiple accounts, and make sure your password is difficult to guess.
Storing your private keys offline: Consider using a hardware wallet or paper wallet to store your private keys offline, away from the reach of hackers.
Backing up your private keys: Make multiple backups of your private keys and store them in separate locations.
Being wary of phishing scams: Never click on suspicious links or give out your private keys to anyone, even if they claim to be from a legitimate organization.

Remember, in the world of crypto, you are your own bank.It's up to you to protect your assets and ensure your own security.

Real-World Examples of Crypto Scams Targeting Seniors

The Lakeville Police Department recently reported a case where a 73-year-old woman withdrew $20,000 in Bitcoin after her family became concerned about her behavior.This highlights the very real danger of crypto scams targeting seniors and the need for increased vigilance.

These examples serve as a stark reminder that crypto scams can happen to anyone, regardless of their age or background.By understanding the risks and taking proactive steps to protect themselves, seniors can reduce their vulnerability and avoid becoming victims of these scams.

Conclusion: Vigilance and Education are Key to Protecting Seniors in the Crypto World

The initiative by Independent Reserve to call 80-year-olds making crypto withdrawals is a positive step towards protecting vulnerable investors in the crypto space.However, it's just one piece of the puzzle.A comprehensive approach is needed, involving individual vigilance, industry best practices, and government regulation.

Key takeaways:

Seniors are particularly vulnerable to crypto scams due to factors like lack of familiarity, trusting nature, and cognitive decline.
Common crypto scams targeting seniors include romance scams, investment scams, government impersonation scams, and tech support scams.
Protecting seniors requires education, monitoring, open communication, and professional advice.
Crypto exchanges have a responsibility to implement KYC/AML regulations, monitor transactions, provide educational resources, and collaborate with law enforcement.
Crypto is a volatile asset and should only be considered as part of a long-term, diversified investment strategy.
Self-reliance and security are paramount in the crypto world. On May 29, shortly before 2 p.m, the written statement said the woman's family visited the Lakeville Police Department, concerned about their 73-year-old relative. They said she withdrew $20,000Protect your private keys and be wary of phishing scams.

By working together, we can create a safer and more trustworthy crypto ecosystem for everyone. 80-year-olds making crypto withdrawals will 'get a call,' says crypto exec - Cointelegraph: If we see an 80-year-old making a crypto withdrawal, they are going to get a call, IndependentShare this article with your family and friends to raise awareness about the risks of crypto scams and help protect those who are most vulnerable. Crypto exchanges need to be more vigilant than ever in preemptively contacting customers to prevent them from scams, with one particular group needing extra attention, according to a crypto exchange exec. If we see an 80-year-old making a crypto withdrawal, they are going to get a call, Independent Reserve CEO Adrian Przelozny said in anThe future of finance depends on our collective commitment to security and responsible investing.Learn more about how to protect yourself and your loved ones from crypto scams today. Crypto exchanges need to be more vigilant than ever in preemptively contacting customers to protect them from scams, with one particular group needing extra attention, according to a crypto exchange exec. If we see an 80-year-old making a crypto withdrawal, they are going to get a call, Independent Reserve CEOContact your financial advisor to discuss if crypto is right for you.