Fraud and Scams

Love Scam used to Steal Cryptocurrency

A new form of crypto fraud is making its way throughout Hong Kong, and it has led to millions of dollars stolen.

New Crypto Scam in Hong Kong

Police from Hong Kong stated that the scams involved people befriending potential mates online by dating sites. Finally, when they get cozy with the people they talk to and may seem okay, then the scammer will convince the person they’re chatting with to provide some of their hard-earned cryptocurrency. They will make up a story and then get the potential victim to forward the digital funds to alleviate the issues they have experienced.

There is no problem, and the person in question will look for ways to get their hands on cryptocurrency they didn’t earn, much less deserve. Miserably, the victim falls for the story and sends money quickly. Authorities are now claiming that the victims of the scams have lost, in total, hundreds of thousands of dollars each.

As of now, $18.5M was lost to these scams over summer, with a little more money being taken over the same period from last year. Additionally, 70 to 80 of these cases have emerged each month.

Happening in Many Forms

Crypto fraud had been rampant all year. Now that the coronavirus pandemic is making its way throughout the world, there seems to be a new form of boldness to the scammers and hackers who think they have the guts to attack high-profile individuals get away with it. It was seen lately in a case that involved the re-election campaign of President Trump, who saw his website overtaken by malicious actors.

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