Crypto Scams on Dating Apps on the Rise (Report)

The COVID-19 epidemic disrupted nearly every aspect of human life. Because physical contact between people had to be cut down to a minimum, romantic activities and love dates became more popular through dating apps. While some people find their soulmates online and others fall prey to cryptocurrency scammers, who drain large amounts of their savings.

Tho Vu, 33 years old, fell in love with Ze Zhao, a mysterious lover. The couple began planning their honeymoon and wedding after messaging Hinge for several weeks. Unfortunately, Ms. Unfortunately for Ms.

Another scammer enticed Niki Hutchinson, a 24-year-old social media producer, to invest $300,000. She never received that money again, it is obvious.

Love can be painful

The creativity of crypto fraudsters is increasing. Ze Zhao introduced himself to Tho Vu via Hinge as an architect from China with some work duties in Maryland. After a few texts, he began calling her his “little sweetheart” after which he promised to visit her in China with his family once the pandemic was over.

Zhao noticed that Zhao had a crush on his victim and changed the subject to bitcoin and other digital assets. Further, the scammer claimed that he was a customer service representative for a security firm and encouraged the woman to put her savings into a fraudulent crypto exchange. The scammer promised that they would get married and enjoy a honeymoon.

“I had heard lots about crypto in the news. Vu said that he was a curious person and had a lot of knowledge about trading.

The victim, who had almost her entire life savings, sent more than $300K in bitcoin to an OSL account in Hong Kong. The platform appeared legitimate at first and offered 24/7 online customer service.

However, Mr. Zhao took control of the communication with the victim shortly after. Ms. Zhao instead of starting a new life with the victim, Ms. Vu discovered that the money she sent was not in the exchange account, but to the digital wallet of the scammer.

“I thought that I knew him.” She regretted that she believed everything was a liar.

Another similar case

The Federal Trade Commission (FTC) reported that romance scams led to $139 million in losses for 2021 while conned people were more than 56,000. More than 1,800 cases were attributed to cryptocurrency frauds. Jane Lee, a researcher at Sift, argued why there has been an increase in these scams.

“People are feeling lonely due to the pandemic and crypto is hot right now. The combination of both has made this a very successful scam.”

Niki Hutchinson, a Tennessee resident was one of the victims. She visited a friend in California, aged 24, and matched up with Hao on Hinge. He said that he worked in the fashion industry.

After she returned to Tennesse, they started messaging via WhatsApp. Hao was told by Hao that she was Chinese-born, but an American family adopted her. He claimed he was also Chinese and that he came from the same region as her. In an attempt to win her sympathy, the man began calling her “sister” and joked that he was her father.

Even though they had a video conference once, Hao only partially showed his face. The victim said, “I thought that he was shy.”

Hao explained to Hutchinson that Hutchinson had an inheritance of $300,000. He advised her to invest the funds into cryptocurrencies. He told her that he wanted to make some changes in her life and add income.

She was convinced by his persuasiveness and began sending small amounts of money to a crypto exchange called ISAC. She eventually invested all of the money and took out a loan in order to allocate more.

Hutchinson attempted to withdraw some funds a few months later but to no avail. In an attempt to resolve the problem, she sent a message to Hao. She stopped responding to her. She realized that she was a victim to a fraudulent cryptocurrency scheme.

She currently lives with her father in their RV. This is one of their few assets. Hutchinson does not expect to receive her funds back but she hopes that her experience will serve as a lesson for others in the future.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the””  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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