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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.
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.