% 2.39
BTC Dominance:
% 0.02
Market Cap:
$2.17 T
% 1.84
Fear & Greed:
25 / 100
$ 60.035
BTC Dominance:
% 53.3
Market Cap:
$2.17 T

FTC’s Alert: Romance Scammers Target Bitcoin Investors


FTC (The Federal Trade Commission) of the United States issued a consumer alert on romantic scams, including bitcoins.

With crypto investing as bait, the FTC advised people to “cut off contact” with online love interests who might be attempting to pilfer their money.

The Tactics of Crypto Romance Scammers

These con artists use long-term strategies, spending time to get to know their targets and foster relationships before launching their plans.

The FTC said that although most individuals do not suspect a love interest in defrauding them, romance scammers establish emotional ties with their victims, therefore facilitating the victims’ belief in the scammers’ claims of being cryptocurrency experts.

The government agency observed that these con artists excel in what they do.

FTC’s Warning Signs and Preventive Measures

The FTC cautioned consumers nonetheless that these con artists have already pilfer millions of dollars from gullible victims. The FTC put in writing:

“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.”

The FTC also pointed out a few warning indicators suggesting a scammer might be the love interest. These indicators include guarantees of no risk, great gains, claims to be teaching financial secrets, and convincing people to contribute money.

The Federal Trade Commission warned customers that earnings from any investment cannot be guaranteed by anyone. Furthermore, the organization mentions that, including the crypto markets, all investments have hazards.

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Consumers were urged by the government body to notify the FTC and the social network of the suspected crypto romance scammer’s use of possible fraud. The Federal Trade Commission also advised consumers who come across scammers to alert friends and relatives about the fraud.

International Alerts and Trends

Crypto-con artists hide on dating apps in Canada, trying to find summertime matches with Canadians. On May 29, the Canadian Anti-Fraud Centre (CAFC) observed a spike in romance and investment scams on social media, dating apps, and text messages.

Together, the CAFC and the Canadian Investment Regulatory Organization (CIRO) issued a warning on the frauds involving prolonged internet contacts. The authorities cautioned Canadians about individuals who advocate crypto trading and investment.

The government advised: “Over time, the scammer will suggest investing in an opportunity, often involving crypto assets.”


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