As Valentine’s Day approaches, US prosecutors have issued warnings about an increase in romance scams linked to cryptocurrencies. These scams typically involve persuading victims through emotional manipulation to invest in fake crypto platforms, commonly known as “pig-butchering” schemes. In such long-term frauds, perpetrators build emotional connections with victims, gain their trust, and then exploit them for significant financial gain. The fraudsters target individuals interested in cryptocurrency, offering fake investment opportunities and assuring them that their funds are safe with guaranteed returns. However, these platforms are fraudulent, and the invested money is never returned. These schemes have caused losses of millions of dollars worldwide and have spread widely through social media and online dating apps. The rapid growth in cryptocurrency’s popularity has led to a rise in such scams, as many investors are unaware of the associated risks and complexities. US authorities advise the public to avoid rushing into financial decisions in online relationships and to seek expert advice if suspicious. It is crucial for investors and users to exercise caution, avoid blind trust in unverified platforms or individuals, and be vigilant against emotional manipulation. Government and financial regulatory bodies may implement stricter measures in the future to protect consumers and prevent these types of frauds.
Source: decrypt
