US residents have parted with over $1b due to crypto scams between January 2021 and March 2022 as romance frauds accounted for $185m.
According to an analysis conducted by Bankless Times, cryptocurrencies have grabbed the attention of a significant chunk of America’s population. However, scammers have used this growing popularity to con people in various methods. Romance scams are among the most employed technique since US citizens have parted with $185 million due to such schemes between January 2021 and March 2022.Fraudulent schemes involving digital assets have emerged as a concern in numerous countries across the globe.
“Victims of romance scams learn that the heart is not so smart the hard way. Their search for love makes them easy pickings for conniving individuals that dupe them out of their money. They put on an elaborate con that has their victims swooning over them, and by the time the victim catches on, they’ll be several thousand dollars poor.”
Bankless Times estimated that younger people are more inclined to be conned by such scammers. According to statistics, most victims are 20 to 40 years old, while individuals in their thirties suffer the most .the story of a British man who lost $200,000 worth of bitcoin in a romance scam. The man started chatting with a woman called Jia from Hong Kong. The latter introduced herself as a successful cryptocurrency investor with “inside knowledge.
Needless to say, when the real “investment” begins, victims are unable to withdraw their funds and lose everything they have allocated. Due to such schemes, US residents have lost nearly $600 million between early 2021 and March 2022. Business Imposters and Government Imposters are also common as they have accounted for over $130 million of the total losses.
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