The US Federal Trade Commission (FTC) has issued a public warning about the growing prevalence of romance scams involving cryptocurrencies. These scams, sometimes called hog butchering scams, involve scammers posing as potential romantic partners to trick victims into making bogus cryptocurrency investments. The scammers then disappear, leaving victims with significant financial losses.
A recent study by the University of Texas found that more than $75 billion was lost to these scams between January 2020 and February 2024. The FTC advisory, written by Colleen Tressler of the Division of Consumer and Business Education, highlighted the manipulative tactics used by these scammers. . They establish an emotional connection with their victims, convincing them that they are cryptocurrency experts who promise high returns and no risk. However, the FTC emphasized that all investments carry risks and that these guaranteed profits are false.
The FTC also revealed that these scammers often run background checks on their victims to gain their trust and convince them to invest. The commission advised the public to avoid transferring funds, whether fiat or crypto, if such people ask for it. He also encouraged anyone affected by this scam to file a report with the FTC.
Romance scams have been in the news frequently. In February 2024, a Philadelphia woman lost $450,000 in cryptocurrency to scammers who convinced her to invest in a fraudulent crypto trading app. This growing trend has led to regulatory intervention by organizations such as the Federal Bureau of Investigation (FBI) and the Commodity Futures Trading Commission (CFTC).
The CFTC charged crypto exchange Debiex in January, accusing the company's experts of establishing friendly and “intimate” relationships with clients to trick them into opening trading accounts. The FBI also issued a warning about an increase in romance scams ahead of Valentine's Day 2023. In April 2024, the Brooklyn District Attorney's office successfully cracked down on a similar scam that had tricked to various people in the United States.
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