Do you use dating apps and have you invested in crypto? This is what you need to know

a recent media report has shed light on crypto fraud that took place on a dating platform last year. A 24-year-old Tennessee woman reportedly lost $390,000 when she began dating a person named Hao on Hinge.

According to texts seen by the NYThe convinced her,

“I want to teach you how to invest in cryptocurrency when you are free, bring some changes in your life and bring an extra income into your life.”

Unfamiliar with investing or cryptocurrencies, she admitted in an interview that she was “very skeptical” about investing. However, on Hao’s reassurance, she later seemed agree

“I had heard a lot about crypto in the news. I am a curious person, and he was actually very knowledgeable about the whole trading process.”

By the end of 2021, the woman wanted to make a profit on her crypto wallet that showed a balance of $1.2 million. But she couldn’t withdraw her money without paying taxes of about $380,000, the website reported. But then it became clear that the woman had lost her and her father’s savings to a scam website that looked “legitimate.”

This was just one of 56,000 dating scams amounting to $139 million as reported by the Federal Trade Commission for 2021.

Source:FTC.GOV

Jane Lee, a researcher at Sift explained to the media that several popular dating apps allow matches that ask for investment and trading advice.

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

So much so that romance scams reported to the Federal Trade Commission were up 80% year over year. FTC noted,

“The numbers have skyrocketed in recent years, and 2021 was no exception — reported losses hit a record $547 million for the year. That is more than six times the reported losses in 2017 and an increase of almost 80% from 2020.”

With this, the loss reported by a median person in 2021 was $2,400. That said, there are a lot of scams happening on other social networking platforms as well Like it Instagram and Facebook. Even TikTok came up with tips to protect #BeCyberSmart for Valentine’s Day this year to protect ‘hearing and wallet’. It noted that people are not allowed to exchange money, including cryptocurrency if they have never met the person.

That said, fast-moving hacking schematics are also common on platforms offering NFTs and crypto “pump and dump” tokens by messaging users. It should be noted that users should exercise extreme caution when navigating their crypto wallets on other platforms.

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