Some people are able to take advantage of the volatility, while some people fail to do it and lose money. It is a decentralized currency, not regulating authority or approval authority. All the transactions are kept completely private. There can be some good points related to cryptocurrency. But did you know that these same points can also be harmful? Because crypto tends to be too volatile. The Bitcoin Era website is where you can learn everything to avoid getting scammed.
Crypto scamming through dating apps is the latest threat with cryptocurrency. Many scammers call this a romance scam. This is their new target and many young women fall prey to these scams. Due to the privacy of the transactions, it can be hard to track the details of the transaction. That is how scammers are able to escape with ease.
A new way to scam people:
Firstly, scammers try to find innocent young women on dating apps. They try to be their friends for a few days and then start talking about cryptocurrency. With this conversation, they will understand whether the victim has any knowledge about cryptocurrency or not. When they understand the victim does not have any knowledge, they try to provoke them into trading in crypto. The victim transfers the money to a fake exchange or wallet and loses all the money.
These scammers even pose like pro cryptocurrency traders. They give the details of exchanges that do not even exist. There are some scammers who even create fake apps for collecting money. These scams do not happen in any simple or small dating apps. They happen in most popular apps like Bumble, Tinder, and others.
It is not just young women who fall prey to these scammers. Even professional traders, old women, or sometimes even men are scammed through these scams.
Too many cases:
Too many cases started coming into Limelight recently. A young girl was robbed of almost $300,000 worth of Bitcoin. After she bought the digital asset worth that money, she was brainwashed completely to deposit it to the wallet of the scammer. Expecting it to be a genuine wallet, she transferred and it was all gone. She didn't even meet the online friend to whom she sent all the digital money.
Cases started increasing slowly:
Earlier, there were just a few cases reported of online dating scams. But now the number of cases has started increasing slowly. Based on information shared by the Federal Trade Commission, a $1.3 Billion amount was scammed through online dating apps in the last 5 years. Out of this amount, around $547 million was stolen in just 2021. That means, 80 percent more than what was stolen through scams in the previous year. So, this kept increasing every single year.
It all started in China:
These online dating app scams of cryptocurrency started several years ago. They are high in Europe and the US, but did you know that it didn't start there? Yes, it is not where these scams originated. It all started in China first. From January to July in 2021, around 1800 cases were reported. All these cases were reported from the US alone.
According to the experts in cryptocurrencies, usually online scams target old people who do not have much education or knowledge about this kind of thing. But this online dating scam or romantic scam targets more younger people, with good educational backgrounds and knowledge. They also target younger women through popular dating apps. People do not even suspect if the apps are popular and hence the scammers are making these apps their scamming places.
In recent years, the crypto world has grown very well. There are many people who have made a lot of profits. Bitcoin and Ethereum’s value rose well, in fact, they recorded their all-time high value in the last year. But you should also focus on the bad side of the crypto world. It was in the same year when a lot of scams were also reported. Online scams are very common with cryptocurrencies, but romance scam is something new and people become their prey very easily. You need to be very careful next time when you are talking or taking advice about cryptocurrency from any stranger.
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