Are you on dating apps and invested in crypto? Here’s what you should know

ambcrypto.com:

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

As per texts seen by the NYT, he persuaded her,

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

Since she wasn’t familiar with investing or cryptocurrencies, she agreed in an interview that she was “very skeptical” to invest. However, on Hao’s reassurance, she seemed to later agree.

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

By the end of 2021, the woman wished to book profits on her crypto wallet that showed a balance of $1.2 million. But she couldn’t withdraw her money without paying taxes of roughly $380,000, the website notified. But then it was clear that the woman lost her and her father’s life savings to a scam website that looked “legitimate.”

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

Source:FTC.GOV

Jane Lee, a researcher at Sift explained to the media outlet that several popular dating apps are allowing matches that solicit investing and trading advice.

“People are lonely from 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 rose by 80% year on 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’s more than six times