Shreya Datta, a Philadelphia tech professional, is one of the countless victims of a surging crypto scam – the “pig butchering” scheme. These scams use fake online personas to build romantic relationships and manipulate individuals into investing in fraudulent crypto platforms.
Datta, lured by a seemingly genuine connection on Hinge, lost nearly $450,000 after being convinced to invest in a fabricated trading app. This heartbreaking story highlights the growing problem of crypto romance scams:
- FBI reports: Over 40,000 cases and $3.5 billion lost in 2023 alone.
- Sophisticated tactics: Deepfakes, AI-generated profiles, and elaborate emotional manipulation make them difficult to detect.
- Global reach: Transnational criminal organizations exploit victims worldwide.
Another victim, a Minnesota man, was deceived on LinkedIn with the same fraudulent tactics. These scams disproportionately impact the elderly, as reported by the FTC:
- Tens of thousands of individuals affected annually.
- Billions of dollars in total losses.
- Senior citizens: Particularly vulnerable, suffering higher median losses than other age groups.
Law enforcement and dating platforms face challenges:
- Under-reporting: Victims often feel shame, hindering investigations.
- Evolving tactics: Scammers continuously adapt and exploit technological advancements.
Raising awareness and encouraging open communication are crucial. If you suspect a scam, report it immediately to the relevant authorities and financial institutions. Remember, true love doesn’t involve pressure to invest in risky ventures.
