From CNBC: 2024-10-07 15:24:54

Federal officials warn investors of cryptocurrency scams tied to fake relationships on social media. Fraudsters pose as love interests or acquaintances, gaining trust before defrauding victims through fake crypto investments. The FBI reports $5.6 billion in crypto scam losses in 2023, with 71% from investment scams.

Long cons tied to crypto romance scams are on the rise, as criminals exploit decentralized nature and fast transactions. Victims like Jules reveal how scammers build trust, posing as knowledgeable investors before defrauding them. AI advancements may make detection harder. Protect yourself by verifying investment legitimacy and being cautious online.

Read more: Crypto relationship scams pose ‘catastrophic harm,’ SEC says. How to avoid them