ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
Β© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Here's How Crypto Scammers Are Faking Online Romance To Dupe You

Embezzling money in the name of love: crypto romance scams are a new way for criminals to siphon money away in a matter of seconds.
UPDATED AUG 6, 2023
Cover Image Source: Pexels | Jonathan Borba
Cover Image Source: Pexels | Jonathan Borba

Cryptocurrency received incredible hype in 2022 and despite a dip in values of most tokens, it is gradually evolving to accommodate new trends. The crypto community is one of the most sought-after with strong communal ties weaved through constant interactions on portals like Discord and Telegram.

The hype has certainly helped cryptocurrency, however, these unplanned interactions and interchanges on platforms like Discord have given birth to crypto dating scams. As ludicrous as it sounds, cryptocurrency dating and romance scams are real where young investors are being lured into investing their money in the name of love.

As per the data documented by Flare, crypto romance scams have spread like wildfire on Telegram, leading the cross-border siphoning off to a whole new level. Data cited by McAfee states that nearly 56,000 crypto scams were reported in 2021, with online criminals embezzling $547 million worth of crypto assets.  

Image Source: Mohamed Hassan
Image Source: Mohamed Hassan | Pixabay

Cryptocurrency dating scams are stemming from the rising popularity of crypto portals around the world. Cybercriminals eager to earn extra bucks are duping innocent investors into sending money in the form of crypto assets, preferably Bitcoin or Ethereum.

These cybercriminals are reportedly on the lookout to approach investors via online dating portals, cryptocurrency community platforms, and social media apps. Once the target has been decided, these criminals will then initiate amorous conversations, leading the prospect to think that they might be in love with them. Once the relationship prospers, these criminals will often compel the prospect to hand over some of their crypto assets to them, leading the targets to lose a decent amount of his or her crypto assets. Once the money has been received, these criminals vanish into thin air, leading the other person to feel perpetually confused and demotivated.

How to identify cryptocurrency romance scams

In a world where online crypto duping and gambling are rampant, identifying such elements can be a difficult task. Here are a few ways through which users can identify and block such scams from developing further ahead. 

A Rapid Action Relationship

If you've met someone on such portals professing his love for you in a matter of a few days, that's a warning sign. The person must be blocked immediately. While the initial phase of a relationship may sound romantic and appear beautiful, if someone asks you to send cryptocurrency assets for fun or to get a hang of how blockchain tech works, that's a big no as well and should be avoided at all costs.



 

Deceptive Personality

If the person talking to you on Telegram, Discord, or dating apps, is refusing to meet you in person, that's also a red flag. Halt the process before it comes to exchanging crypto wallet addresses and money transfers.



 

Crypto Fanaticism

As much as the crypto industry has proven to be bountiful, both in terms of money and network, crypto fanaticism is something that should be avoided and taken care of. If a person is talking to you via social media apps is hung up on talking about all things crypto, portrays an obsessive stance over crypto assets, and professes his love to you over nonsensical crypto analogies and metaphors, he or she should be blocked as well.

Image Source:RDNE Stock project
Image Source: RDNE Stock project | Pexels

Cryptocurrency is a flourishing industry that is capable of providing you with additional streams of revenue. However, it cannot be denied that the industry is rampant with online cybercriminals busy looking for soft targets to embezzle money. Use your tact and logic to deal with any such person you meet online, and you're good to proceed. Practicing caution is the key here.

MORE ON MARKET REALIST
The player, Gary got too excited and almost tore down the prize board off the roof.
1 hour ago
The player, Megan Zandrowicz, walked away with a fantastic $65,000 from the show.
5 hours ago
In the end, the guest regretted using the beautiful Mettlach Cameo Platter for her parties.
7 hours ago
The contestant Mary, won a trip to Vancouver as a perfect birthday present.
2 days ago
The player was in for another heartbreak after she failed to solve the puzzle.
2 days ago
The player, Elisa Butcher's risky dice roll stunned everyone as she won a brand new Volkswagen car.
2 days ago
The star of Boyz II Men got sentimental after looking at the item from their first album cover.
3 days ago
It wasn't an ordinary ring but the 2004 Patriots Super Bowl Ring, which Harrison refused to let go.
4 days ago
Harvey was in disbelief after he misheard what Ming-Na Wen's teammate said.
4 days ago
Harvey could feel the pain as he collected the answers from the contestants.
4 days ago
The owner of Harry Karstens' First Ascent Denali Ice Axe was shocked to learn how valuable it was.
5 days ago
As model Rachel Reynolds slammed on the brakes, fellow presenter Alexis Gaube nearly fell over.
5 days ago
Harvey couldn't believe his eyes when an answer did not show up on the board.
5 days ago
The winner, Trish yelled "This cannot be happening!" as she sat in her new car.
5 days ago
The seemingly tough puzzle cost contestant, Kelly Amodio a brand new Mini Cooper.
6 days ago
The contestant, Jodi Hope took home $75,000, using her puzzle solving skills.
6 days ago
The guest had to promise on camera to share the profits with her friend who gifted the item.
6 days ago
Harvey just couldn't seem to understand what Giuliana Rancic's mother was saying.
6 days ago