FTC Issues Urgent Warning Over Rising Crypto Romance Scams

The Federal Trade Commission (FTC) of the United States has issued a consumer warning about cryptocurrency-related romance scams, urging individuals to report scammers to the government and to inform their loved ones about these fraudulent schemes

The Federal Trade Commission (FTC) advised consumers to “sever all communication” with online romantic partners who may be attempting to fraudulently obtain their funds by employing cryptocurrency investments as a lure.

These fraudsters implement long-term strategies, such as establishing relationships with their victims and gaining their trust, before implementing their schemes.

What Are Romance Scams?

According to the Federal Trade Commission (FTC), romance fraudsters establish emotional bonds with their victims, facilitating their assertions that they are cryptocurrency experts, even though individuals typically do not suspect their romantic partners are con artists.

The government agency observed that these scammers are “proficient in their field.”

Nevertheless, the Federal Trade Commission (FTC) warned investors that these con artists have already extorted millions of dollars from unsuspecting victims. The Federal Trade Commission composed the following:

“They want to help you invest your money in the crypto markets, or they say they can teach you how to do it. You might think they have your financial well-being in mind, but they don’t. They only care about their own financial well-being.”

“They want to help you invest your money in the crypto markets, or they say they can teach you how to do it. You might think they have your financial well-being in mind, but they don’t. They only care about their own financial well-being.”