Dating and messaging apps are no strangers to crypto scams. These scams involve relationships, usually long distance and strictly online, where one party takes the time to gain the trust of the other party. Eventually, one party convinces the other to buy or give money in cryptocurrencies.
Pig slaughter type scams originated in Southeast Asia and are spreading around the world. This scam is predominantly executed by a group of cryptocurrency scammers who use dating apps and social networks in search of victims. It involves a scammer creating a fake profile to reach out to potential victims, often through social networks, WhatsApp, Tinder or other dating sites, and even creating random text messages, posing as an incorrect number or an old acquaintance. The goal is to start a cordial conversation with the victim, trying to be their "new friend" or "lover".
The new friend creates reasons to continue a conversation, leading to multiple calls. They slowly develop a relationship to insert themselves into their victim's daily life. As they build trust with the victim, they gradually introduce the idea of making a business investment using cryptocurrencies. The new friend employs persuasion instead of asking for money directly because they know that people are smart and know that if a stranger asks them for money it is a clear sign of a scam. The victim is gradually drawn into what appears to be a benign conversation about cryptocurrency investments and profits, but is being manipulated into investing.
The new friend slowly convinces his victim to invest in cryptocurrencies and refers him to a fake website or apps that look authentic but are controlled by the scammer. Victims are encouraged to start with small amounts while the scammer posts an alleged profit on the investment. They may even allow the victim to withdraw money once or twice to convince them that the process is legitimate.
The victim is then persuaded to invest larger amounts on the fake platform, sometimes hundreds of thousands of dollars. Once the money is sent to the fake investment app, the scammer disappears and takes all the money, resulting in significant losses for the victim.
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- This article about Binance was written by Luca Escobar [@PepeBNB] for APfinanciero. We hope you enjoyed reading it and that you learned something new.
