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The Rise of Cryptocurrency Romance Scams
Shreya Datta, a 37-year-old tech professional from Philadelphia, has a devastating story to tell. She became the victim of a dangerous cryptocurrency romance scam, sustaining substantial financial losses in the process.
The Deceptive Web
The scam, known as “pig butchering,” involves fraudsters using deceitful tactics to gain victims’ trust and trick them into investing in fake cryptocurrencies. Datta’s experience began on the dating app Hinge, where she encountered “Ancel,” a charming French wine trader supposedly based in Philadelphia. Their exchange quickly moved to WhatsApp, with the pair exchanging messages and engaging in video calls, deepening Datta’s belief in their connection.
Deceptive Investment
Ancel gradually introduced Datta to a seemingly legitimate crypto trading app, showing her screenshots of profitable trades and fueling her confidence and desire to invest. As a result, Datta converted her savings into cryptocurrency, took out loans, and even liquidated her retirement fund, investing nearly $450,000 by March. However, her attempts to withdraw the funds revealed the fraudulent nature of the app, and the devastating truth of the deception emerged.
Emotional Fallout
The aftermath of the scam left Datta emotionally shattered, experiencing symptoms of post-traumatic stress disorder (PTSD) and struggling to function normally. The realization that she had been manipulated and deceived by a heartless fraudster was incredibly traumatizing.
Prevalence and Impact
Cryptocurrency romance scams have become alarmingly prevalent, with billions of dollars lost in the United States alone. The FBI’s Internet Crime Complaint Center reported over 40,000 cases of cryptocurrency fraud, resulting in losses exceeding $3.5 billion in 2023. Victims often find themselves entrapped, unable to recover their losses and left feeling devastated and humiliated.
Challenges in Combatting Scams
Efforts to combat these scams remain challenging. Victims may also encounter further scams when seeking assistance from fake recovery agents. Additionally, the stolen funds are funneled overseas to transnational criminal organizations, contributing to the complexity of the issue.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
