Man Loses $9.2 Million in Crypto Romance Scam
A man from Eden Prairie, Minnesota has lost $9.2 million in a cryptocurrency romance scam. The local police have never dealt with such a large crypto-related fraud before.
Main Points:
- A man met a woman on LinkedIn who convinced him to invest in a dubious cryptocurrency project called “Coinrule-web3.”
- The woman promised the man wealth and the opportunity to leave his wife for her.
- The man ended up sending $9.2 million in 21 transactions between December 2022 and June 2023.
- When he tried to withdraw his funds, he was asked to pay millions of dollars in fees.
- The man’s wife became suspicious and reported the situation to the police.
Authorities Investigate and Discover More Scams
The police launched an investigation and found that the “Coinrule-web3” project was connected to multiple romance scams. They also discovered ties to money laundering cases. This year alone, the Eden Prairie police have investigated four similar frauds, but none as significant as this one.
Crypto Romance Scams on the Rise
This case is just one example of the growing trend of cryptocurrency romance scams. American victims alone lost $185 million between January 2021 and March 2022. These scams are not limited to the USA, as a British man lost $200,000 in bitcoin and an elderly resident of Nottinghamshire transferred an even larger amount to a scammer posing as a US Army surgeon.
Hot Take:
Crypto romance scams continue to be a lucrative scheme for fraudsters, preying on individuals’ emotions and their desire for financial gain. It is crucial for crypto readers to be cautious and skeptical of any investment opportunities that promise quick riches and involve unknown individuals. Always research and verify before investing in any cryptocurrency project.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
