Are crypto scammers feigning months-long romances on dating apps?

In the news Crypto scammers are feigning months-long romances on dating apps, NYT reported on Monday. Victims interviewed by the Times and The Sun lost $300,000 and $1.6 million in bogus crypto payments. Romance scams involving crypto hit a record-high in 2021, totaling $139 million in losses, per FTC data.

How does a crypto scam work?

The modus operandi for the aforementioned crypto scam spans multiple steps but always begins in dating apps such as Bumble, Tinder and Grindr. First, potential victims are reached out to via these dating apps. Then the conversation is moved to other messaging platforms where the sham investment scheme is elaborately explained.

Are You being scammed on dating apps?

"MMany people who've experienced scams report being contacted on dating apps," a February FTC report said, adding that almost one-third of online romance scams reported last year began on Facebook or Instagram. "The safety of all Hinge users is a top priority, and we take any incident of fraud very seriously.

Is 'Tinder swindler' a crypto dating scam?

The popular Netflix show, "Tinder Swindler," didn’t feature any crypto scams. But its charismatic lead, Simon Leviev, could do perfectly well as a crypto dating scammer – all it takes is some trust building, promises of lucrative crypto gains and gullibility that many of us are prone to.