Stockholm, Sweden – In a revealing post on social media, Swedish entrepreneur and co-founder of Catena Media, Erik Bergman—also founder of Great.com—confessed to being the victim of an elaborate cryptocurrency scam that cost him $1.25 million. The admission, written with raw remorse and emotional openness, has sparked widespread discussion about the psychological impact of modern financial fraud and the need for vigilance in digital investments.
A Public Confession
Bergman’s candid message began with a blunt admission: “I just got scammed for $1.25 million. I feel ashamed and stupid.” In a tone that resonated with humility, he continued: “I so deeply wanted to belong in this group that I acted way out of character. I trusted ‘Jimmy’ and I followed the peer pressure of the ‘billionaires’ and ‘super stars.’” He went on to describe the emotional toll: “I’ve been fooled. I feel the shame inside of me. The regret. The sadness. The anger.”
Despite his vulnerability, he used the message as an opportunity to share an important lesson: “Remember that shame can only live in the shadows. Tell people about your shame, and I promise that the feeling will change. The next time you feel shame, think of this story.”
The Scam Unfolds
The ordeal began when Bergman made a $1 million donation to a high-profile charity initiative connected with online creators. That act of generosity served as the gateway for scammers, who quickly leveraged it to gain his trust. Within days, fraudsters created a fake WhatsApp group populated with convincingly familiar names—supposedly famous personalities and successful entrepreneurs.
Among them was “Jimmy,” a fabricated persona who played the role of guide and insider. Using psychological manipulation and peer pressure, the group convinced Bergman that he had been invited into an exclusive investment opportunity. The atmosphere was one of urgency and prestige: he was told that billionaires and celebrities were already taking part.
Drawn in by the desire to belong and the fear of missing out, Bergman eventually transferred a total of $1.25 million. By the time he realized the truth, the funds were gone.
Digital Sophistication of Modern Scams
The case illustrates how fraudsters are becoming more sophisticated. Instead of crude cold calls or obvious phishing attempts, today’s scams often mimic real social environments. Fake group chats, impersonated identities, and carefully staged interactions create a convincing illusion.
This method preys on two powerful human instincts: trust in social proof and the need for belonging. By surrounding victims with what appears to be a community of wealthy, well-known figures, scammers can bypass rational skepticism. The result is not just a financial loss, but a deep sense of betrayal.
A Message Beyond Money
What makes Bergman’s story unique is not just the scale of the loss, but his decision to share it publicly. High-profile individuals often conceal such incidents out of embarrassment, fearing reputational damage. Bergman instead chose radical transparency, turning his misfortune into a lesson for others.
By openly addressing his feelings of shame and regret, he reframed the narrative from one of humiliation to one of learning. His words underscore that even experienced entrepreneurs can fall victim when emotions override due diligence. More importantly, he highlighted that shame thrives in secrecy, and that talking about mistakes can turn them into stepping stones for growth.
Lessons in Digital Trust
Several lessons emerge from this incident:
- Scammers exploit emotions, not just ignorance. Bergman was not tricked by a lack of technical knowledge but by the desire to fit in with people he admired.
- Impersonation tactics are becoming increasingly realistic. Fraudsters now use fake social groups, forged identities, and urgency cues to simulate exclusivity.
- Transparency reduces stigma. By speaking up, Bergman reduces the taboo around being scammed and helps others feel less isolated if it happens to them.
- Verification is essential. Regardless of the source or the apparent credibility of participants, investment opportunities should always be independently verified before money changes hands.
Broader Reactions
The story has resonated with entrepreneurs, investors, and everyday internet users alike. Many expressed sympathy for Bergman’s openness, praising his willingness to speak about an experience most would prefer to bury. Others highlighted how the case proves that scams no longer target only the naive—they can ensnare seasoned professionals as well.
Some observers pointed out that scams increasingly exploit altruistic behavior, such as charitable donations, to build credibility. What starts as an act of generosity can quickly become the hook for more elaborate deception. The lesson: even when dealing with initiatives linked to trusted names, one must stay cautious.
What’s Next?
Bergman has not publicly outlined whether he will pursue legal action or attempt to recover the stolen funds. Given the international nature of cybercrime, restitution is often difficult. However, his proactive disclosure may have another form of impact—raising awareness and potentially preventing others from falling victim to similar schemes.
His companies, including Great.com, have long been associated with philanthropy and innovation. While the scam represents a personal setback, it may also strengthen his role as an advocate for transparency in both business and personal finance.
The Emotional Cost
Beyond the financial loss, Bergman’s post sheds light on the emotional dimensions of fraud. Victims often grapple with feelings of stupidity, shame, and anger. These emotions can sometimes be more damaging than the monetary setback, leading victims to hide their experiences. By vocalizing his own struggle, Bergman has given others permission to acknowledge the emotional toll of being scammed.
This acknowledgment is crucial in a digital era where fraud is increasingly normalized. Understanding that even successful individuals can be deceived helps destigmatize the experience and encourage more open conversations.
Final Word
Erik Bergman’s story serves as a powerful reminder that no one is immune to deception. Scammers exploit not only financial opportunity but also human psychology—trust, ambition, generosity, and the fear of exclusion. His willingness to confront the experience publicly transforms a moment of vulnerability into a lesson in resilience and awareness.
By stepping into the light and sharing his loss, Bergman underscores an important truth: scams thrive in silence, but awareness can be a shield. In his words, shame can only survive in the shadows. His message challenges others to step out of those shadows, to speak about their experiences, and to stay vigilant in an increasingly complex digital world.
