Crypto Romance Scams Increasing More than 700 Arrested in This Country,,,,

Crypto business has grown rapidly in the last few years. Along with this, the cases of scams have also increased in this segment. The anti-corruption agency in the African country Nigeria has reported that it has arrested 792 suspects in a case of scam related to cryptocurrency under the guise of romance.

Of the suspects arrested in this case, 148 are Chinese and Sino-Philippine citizens. Last week, he was arrested from a seven-storey building in Nigeria’s financial capital Lagos. In this regard, Nigeria’s Economic and Financial Crimes Commission spokesperson Wilson Uwujaren said that a call center was run in this building, which mostly targeted victims in America and Europe. The staff of this call center used to trap people through messaging and social media platforms like WhatsApp and Instagram.

After the victims got trapped in this, they were pressurized to invest money in fake cryptocurrency schemes. A few months ago, America’s Federal Bureau of Investigation (FBI) had reported that there was a 53 percent increase in scams related to cryptocurrency last year. Regulators in some countries have prepared to make rules for the crypto segment to deal with this problem. The FBI has said in a report that last year, fraud under the guise of investment in cryptocurrencies increased to $3.94 billion. Last year, people had lost approximately $2.57 billion in these frauds.

In such scams, fraudsters offer crypto-related investment advice and ask people to invest money in fake tokens. In this, the lure of getting higher returns is given. Usually, social media platforms are used to trap people in this scam. The FBI had said that last year it had received about 8,80,400 complaints of financial scams. There was a loss of approximately $12.5 billion in these scams. In most crypto scams, the stolen funds are sent to crypto platforms through custodial accounts registered with them. The FBI had asked people investing in crypto to enable two-factor authorization so that their funds could not be transferred to other accounts without their permission.