Crypto relationship scams pose ‘catastrophic harm,’ SEC says. How to avoid them
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Investors are at a heightened risk of cryptocurrency scams tied to fake relationships established over social media, dating apps and networking sites, federal officials warn.
Such frauds occur when scammers use dating apps, social media platforms, professional networking sites or encrypted messaging apps to pose as a romantic interest, old friend, investment professional or other acquaintance.
Fraudsters gain the trust of targets over time. At some point, they broach the idea of investing in crypto — and then defraud victims via fake investments.
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