When we talk about cryptocurrency, it divides opinions among people. While some say it is all for the good, others think it is just a glorified scam.
Recently, we have observed scammers using ransomware to swindle innocent. But even more insidiously, some fraudsters are using fake romance on dating websites.
By hooking up with people who have limited or no knowledge of how crypto works, the scammers are deceiving innocent folks, especially Asian Americans.
There is a clear pattern to these fake romance scams. The cryptocurrency scammer poses as a crypto investor and hypes up a fraud crypto website.
The crypto fraudster forges a romantic alliance and therefore can convince the other person to invest.
When the ‘innocent’ person wants to withdraw the amount, they find that the website is not allowing them to take out their hard-earned money.
Just last year, 56,000 scams were brought to the notice of the FTC (Federal Trade Commission).
According to sources, the scams usually target young people as they are more likely to get on board with a crypto scheme.
As many fraudsters hail from Asian regions, they are often seen targeting Asian Americans. One of the prime examples of the scam is Cindy Tsai.
In a recent scam, Cindy Tsai was scammed for $2.5 million. She met her lover, who we now know to be a scammer, in October 2021.
She was romanced, flattered, and coaxed into investing in a website, which later became a scam.
As these scammers are often seen on social platforms such as Instagram, Tinder, and even LinkedIn, people need to stay alert on social media.
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