Sharp rise in dating app-based crypto-mining scams
There has been an increase in scams using dating apps to lure victims to fake crypto mining platforms, a South Korean security provider has claimed.
Per EDaily, the claims were made by regulatory technology developer and security provider Uppsala Security. The firm said scammers are now posing as lonely hearts on dating apps – preying on unsuspecting victims by trying to lure them to fake crypto mining platforms.
When visiting these platforms, victims are promised that they can expect to earn large financial profits – paid out weekly or monthly – if they invest their money in crypto mining hardware.
The hardware, the victims are told, will be placed in special foreign data centers, where they will operate and generate “guaranteed” profits.
Scammers tell their victims that they have personally made large amounts of money using these mining programs. And, they claim, with the money they raise “together”, they will be able to live happy lives filled with luxury.
But, almost inevitably, after making a few modest payouts – usually designed to convince the victim that they should increase the size of their initial bets – the scammers make off with the victim’s money or crypto.
The security provider claimed that nearly a third of all crypto-fraud-related crimes reported in South Korea now stem from dating apps. The company said dating app-driven crypto fraud had risen 10% in 2022.
Often, it’s the scammer who makes contact “under the guise” of “dating or marriage,” the firm noted.
The firm added that security breaches leading to the compromise of private keys were responsible for 22% of crypto fraud cases. Fake initial coin offerings (ICOs) and fake “crypto studies” social media group chats or channels represented a total of 17% of cases.
The provider also stated that the majority (almost a third) of the scams involved Ethereum (ETH). Ethereum-based ERC-20 coins represented nearly 30%, while Bitcoin (BTC) scams accounted for only 17%.
The provider obtained its data from a survey of 500 cases of crypto fraud.
New tactic: How dating app crypto scammers dupe their victims
An Uppsala security researcher was quoted as explaining:
“Romance scams used to be about trying to persuade [dating app users] to make investments in a [bogus] coin. But recently it has changed to romance scams that try to use crypto mining profits as bait. The goal is to convince the victims to join one [fake] mining program.”
Last year, a woman was jailed for five years after she was convicted of drugging a man she met on a dating app – and stealing $87,000 worth of crypto from his wallet.
Last December, a Japanese man lost “more than $90,000” to a “foreign woman” he also met through a dating app. The woman convinced him to make a series of “crypto investments” – but disappeared shortly afterwards.
