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Cryptographic scammers entice their victims and then incite them to make juicy investments in crypto assets that result in fraud, according to the California Prosecutor's Office, which says it has received thousands of complaints.
The analogy of a pig that is fattened with false affection before its proverbial sacrifice gives its name to a type of scam that is booming in the United States. It is known as pig butchering or pig slaughter.
The use of romance as bait to commit financial fraud is causing new alarms. This is one of the many cyber practices of cryptocurrency fraud that, according to the FBI, They have left at least 40,000 victims for a total of more than 3.5 billion dollars in 2023 alone.
A romantic $450,000 scam
Like thousands, fraud touched Shreya Datta. The 37-year-old woman reported that she lost her savings and retirement funds. According to her, she was a victim of the use of fake videos digitally altered with artificial intelligence and a script so sophisticated that she felt like her “brain had been hacked,” as she told the AFP agency.
The Philadelphia-based tech professional said she began her experience on the dating app Hinge, where she met 'Ancel,' who introduced himself as a French wine merchant based in Philadelphia.
Datta said the man repeatedly postponed plans to meet in person and when they contacted each other on WhatsApp, the conversation quickly changed.
“He told me, 'I've made all this money investing. Do you really want to work until you're 65?'” said Datta, who confirmed receiving a link to download a cryptocurrency trading app, which came with two-factor authentication for that seemed legitimate.
Datta converted some of his savings into cryptocurrency on the US-based Coinbase exchange and the fake app initially allowed him to withdraw his initial profits, boosting his confidence to invest further.
'Ancel' encouraged her to invest more of her savings, take out loans and, despite her disagreement, liquidate her retirement fund.
In March, Datta's nearly $450,000 investment had more than doubled on paper, but alarm bells rang when he tried, in vain, to withdraw the amount.
“When I realized it was all a scam and all the money was gone, I had all the right symptoms of PTSD: I couldn't sleep, I couldn't eat, I couldn't function,” Datta said.
“The horrible thing about this crime is that it seeks to take every last cent from its victim”California-based prosecutor Erin West told AFP, adding that she is “inundated with victims every day.”
The rapid growth of this fraud, believed to be run by criminals in Southeast Asia, has resulted in billions of dollars in losses in the United States, although estimates may fall short as many victims tend not to. report the crime out of shame.
With AFP
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