Crypto scams on the rise, BBB warns
Cryptocurrency has quickly become one of the hottest items for investors in recent years. But with millions of Americans trying to get rich quick, it's also becoming a favorite of scammers.
LAKE COUNTY, Ill. - lake county Authorities are warning residents about an ongoing crypto romance scheme.
According to the sheriff's office, scammers befriend victims, usually on a dating app or social media app, and then trick and "break up" the victim into believing they are in a legitimate relationship. through regular and ongoing communication with the victim.
After the victim believes that she has a relationship with the scammer, the scammer will convince her to buy popular cryptocurrencies.
The scammer will then trick the victim into believing that they can make more profit by exchanging the cryptocurrency to a different cryptocurrency exchange.
These secondary exchanges are often fraudulent and have websites that appear to be legitimate.
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The scammer then tells the victim to send their cryptocurrency to this other exchange and will give details on where to send it, authorities said.
Once the victim sends the crypto to these unknown cryptocurrency wallets, law enforcement officials have a hard time tracking their whereabouts and finding a suspect.
If you are unsure about the legitimacy of a cryptocurrency exchange, you should do your research and seek reviews, officials said.
If you can't find any data on the exchange, it's most likely fraudulent, authorities said.
