Joseph Lavelle, 49, invested around $700 into Moonancy, which was reported to have promised “secure, high-return” investments.
Mr Lavelle, who lives in Brighton, began buying different cryptocurrencies in 2021 in different places, before coming across Moonancy earlier this year.
He said: “This was just another opportunity.
“They were offering rates that were probably too good to be true.
“I was watching YouTube and X, I do my research. There were a couple of influencers who were advertising this.
“There were four different tiers, the first was $100.
“Within 24 hours, my interest was coming back to me ready to withdraw.
“It seemed to work for a few weeks. I put in another £220 in, then another £50.
“I was able to withdraw about £150.
“I was earning about £5 every day which was enough to buy some milk and small bits.”
Mr Lavelle invested $700, or £550, into Moonancy.
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He reported that a notice appeared on the website that funds would be stopped on June 1.
Mr Lavelle claimed he contacted a person through the website’s chat box and was reportedly told it was just an upgrade and funds would become available again.
However, he reported that on June 3, the site had disappeared and he had lost the money in his account.
“I am a single dad,” Mr Lavelle said.
“My savings aren’t for me, they’re for my daughter.
“I didn’t have lots of money to put in in the first place, other people have lost $50,000.
“There’s one guy that’s lost $500,000. It’s heartbreaking.
“There’s not much legislation on this, it’s coming but it’s coming slowly.
“HMRC needs to get involved, it’s got to be enforced.”
People who have lost money to Moonancy have started a Go Fund Me to recoup their losses.
Moonacy Protocol’s Trustpilot website states that it is “not possible to leave a review here anymore because the company’s website has closed”.
The majority of the most recent reviews, the last having been posted on June 15, are one star.
One review states: “It’s been over three weeks since I requested repayment and now their website is down.
“I am unsure I will ever see my money again.”