In the bustling streets of Philadelphia, Shreya Datta’s world took a perilous turn as she fell victim to a cryptocurrency romance scam. It all began innocently enough on the dating app Hinge, where she encountered “Ancel”, a suave French wine trader who seemed to embody charm and sophistication. Little did she know, behind the veneer of romance lay a sinister plot to swindle her savings and shatter her trust.
As their connection deepened, shifting to WhatsApp, the exchange of selfies and flirtatious messages painted a picture-perfect romance. Brief video calls added a touch of authenticity, weaving a deceptive tapestry of affection. Now, amidst the wreckage of shattered dreams and financial ruin, Shreya stands as a cautionary tale, a stark reminder of the dangers lurking beneath the guise of online love.
But that’s not all of this. We’ll take a deeper look at what a cryptocurrency romance scam is, what happened in the case of Shreya Datta, and how you can save yourself from such a tragedy. Let’s get started.
What Is a Cryptocurrency Romance Scam?
Cryptocurrency romance scams, a well-known ploy in traditional scamming, have seamlessly transitioned into the cryptocurrency realm. In this scheme, fraudsters initiate relationships online, rapidly progressing to declarations of love to ensnare their victims emotionally. Once trust is established, the scammer begins to manipulate the victim, often fabricating financial hardships or urgent money needs.
Scammers create elaborate personas using stolen images and fake profiles, further convincing victims of their authenticity. They may even fabricate documents purporting to show returns on investments to encourage further financial involvement. Typically, once suspicions are raised or the scammer believes they’ve maximised their gains, the relationship abruptly ends, leaving victims devastated and financially depleted.
A significant red flag in these scams is the reluctance of scammers to engage in video calls, often citing connectivity issues. Despite promises of repayment, victims seldom receive any funds back. These scams exploit the emotional vulnerability of victims, leveraging the excitement of budding romance to persuade them into parting with digital assets or money.
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How Cryptocurrency Romance Scam Affected Shreya Datta?
As discussed earlier, Shreya Datta fell prey to a cryptocurrency romance scam. She found Ancel on an online dating app which turned into love, and eventually, Ancel took advantage of the trust.
Showing Fake Profits
As Ancel gained Shreya’s trust, he began to subtly weave tales of financial success and early retirement through cryptocurrency investments, laying the groundwork for his deceitful trap. He was trying to set up Shreya into thinking that she could invest all her life savings and either retire at a young age or travel the world with his partner.
As Ancel introduced Datta to a seemingly legitimate crypto trading app and showcased annotated screenshots of lucrative trades, her confidence soared. The illusion of profit fueled her desire to invest, leading her to convert her savings, take out loans, and even liquidate her retirement fund. By March, her investments had amassed nearly $450,000, appearing to double in value on paper.
The Harsh Reality Unveiled
Yet, when Datta attempted to retrieve her funds, the app demanded a personal “Tax” payment, triggering suspicion. It was at this critical juncture that her brother stepped in, launching an investigation that shattered the illusion. The photos Ancel had shared were revealed to be stolen from a German fitness influencer, exposing the depth of deception.
The aftermath of this cryptocurrency romance scam left Datta grappling with profound emotional trauma. Plagued by symptoms of Post-Traumatic Stress Disorder (PTSD), she found herself unable to sleep, eat, or function normally. The realisation that she had been manipulated and defrauded of her life savings was a devastating blow to her trust and well-being.
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A Widespread Scourge
Datta’s harrowing experience is not an isolated incident. Cryptocurrency romance scams, like the one she endured, have proliferated alarmingly, resulting in billions of dollars lost across the United States.
In 2023 alone, the Federal Investigation Bureau (FBI) Internet Crime Complaint Center uncovered a staggering tally of over 40,000 cases of cryptocurrency fraud, encompassing schemes like pig butchering. These illicit activities wreaked havoc on victims’ financial well-being, amassing losses that surpassed a staggering $3.5 billion.
Warning Signs of Cryptocurrency Romance Scams
- Unsolicited Attention: Exercise caution if someone initiates contact with you out of the blue, lavishing excessive compliments and expressing romantic interest without prior interaction.
- Requests for Financial Support via Cryptocurrency: Stay vigilant if the individual you’re conversing with suddenly reveals financial woes and solicits cryptocurrency to alleviate their purported hardships.
- Lack of Voice or Video Calls: A significant warning sign arises if the person avoids voice or video calls despite engaging in intense communication and requesting financial aid.
- Inconsistent or Contradictory Information: Pay attention to any discrepancies or contradictions in the information shared by the individual regarding their identity or circumstances.
- High-Pressure Tactics: Beware of individuals who resort to high-pressure tactics, urging you to act quickly and impulsively in sending funds or assets.
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Protect Yourself From Cryptocurrency Romance Scams
To shield yourself from falling prey to the crypto romance scam outlined above, consider the following protective measures:
- Exercise Caution with Unsolicited Messages: Remain vigilant when receiving unsolicited messages on social media, dating apps, or messaging platforms, particularly if the sender exhibits excessive flattery and rushes the conversation forward. Approach such interactions with scepticism and a critical eye.
- Verify Personal Identities: Prioritise verifying the identity of individuals you engage with online. Utilise social media platforms and search engines to confirm the authenticity of their identity. Conducting a reverse image search on shared photos can unveil if the images have been appropriated from other profiles, serving as a crucial red flag.
- Safeguard Personal and Financial Information: Adopt a cautious approach when sharing personal and financial details with online acquaintances, especially those you have not met in person. Never divulge sensitive information to unfamiliar individuals over the internet. Refrain from sending money digitally, particularly to new contacts.
- Seek a Second Opinion: If you harbour any suspicions regarding an online relationship, seek counsel from a trusted friend or family member. A second perspective can offer invaluable insights into the legitimacy of the relationship and help mitigate potential risks.
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