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FTC cautions against US crypto romance scams


The United States Federal Trade Commission (FTC) is alerting individuals seeking romance to be wary of cryptocurrency-related romance frauds. In these schemes, a person encountered online feigns romantic interest only to ultimately aim at defrauding you via crypto "investments."

Be cautious when an online romantic interest swiftly shifts discussions to cryptocurrency investing, as the FTC advises. These apparent sweethearts are typically con artists targeting your financial resources.

The FTC details how these deceivers often initiate contact via social media platforms, adopting a friendly demeanor to forge an emotional bond and convince you of their sincerity. Subsequently, they masquerade as investment gurus, claiming they can assist you in profiting from cryptocurrencies.

Such "experts" might promise substantial gains and minimize potential risks to entice you. They may then urge you to transfer funds promptly using methods that are difficult to trace, such as gift cards, money transfer applications, or directly in cryptocurrency—a tactic the FTC claims could be fraudulent.

The FTC emphasizes, "Irrespective of their assurances, if someone you’ve met online offers to assist you with investing in cryptocurrency, you’re likely facing an investment scam."

The agency notes that these scammers are highly skilled at forging emotional connections, making their monetary scams appear all the more credible. Individuals have reported losing from thousands to millions of dollars to such romantic deceptions.

Should you suspect you're dealing with a scammer, the FTC recommends breaking off contact immediately and reporting the incident to both the social media platform involved and the authorities.

"If you believe a social media acquaintance is scamming you, cease all contact. Inform the social media site, and then report it to the FTC at ReportFraud.ftc.gov," the FTC advises.

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

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