Cryptocurrency exchange Debiex is under scrutiny from US regulators over allegations that senior staff attempted to defraud customers of their funds by engaging in romantic relationships with them. The CFTC stated that Debiex staff misled potential customers into opening accounts at the crypto exchange by providing false information to gain trust. During the alleged two-year period, during which only five victims were identified, the regulator claims more than $2 million was stolen in illegal activities.

With Valentine's Day just a few weeks away, individuals are being urged to be cautious about connecting crypto wallets or signing up for crypto services, especially through romantic connections. Romance scammers are taking advantage of the popularity of cryptocurrency to gain financial gain.

Recently, romance scammers have strayed from the method of building trust through long-term interactions on dating apps, adopting a faster strategy to quickly deplete funds. In December 2023, spear-verified phishing was reported to be an emerging tactic among romance scammers.

What precautions do you think crypto exchanges and regulators should take to prevent such scams? Share your comments with us.