Crypto Catfishing: How Online Romance Became A Crypto Scam
Online romance is a relationship that developed between people who have met via the internet. In the past, it was relatively similar to pen pal relationships wherein two strangers regularly write to each other specifically via post mail. Commonly, an online relationship will continue for a certain amount of time before putting a label on the relationship. The significant difference here is that an internet relationship carries on via mobile phone or internet service.
The biggest advantage of this kind of relationship is it can happen between people in different regions, different countries, different sides of the world, or even people who reside in the same area but do not communicate in person.
What Is Online Dating Like in Crypto World
Is crypto dating even a thing?
From traditional dating to online dating, there is no doubt that dating culture has gradually changed over time. In the world of crypto, online dating became a trend too. Ever since the cryptocurrency was introduced to the world, and due to the recent boom in cryptocurrency values, a lot of people became curious and interested in how it works and the possible ROI you can make.
The pace of innovation and accomplishment for online dating is already fast but it grows even faster when people who are into crypto started to make an effort in building a relationship with other people who are also interested in crypto.
About Crypto Romance that you Need to Know
As bad as it sounds, lovesick singles who are into crypto have been losing their money to crypto romance or cryptorom, a malicious software engagement that combines catfishing with crypto-scamming.
Cringingly, we do silly things when we’re in love. that is why more and more people are falling victim to crypto rom because hackers are taking advantage of it. When you thought that the other person is already showing romantic interest in you through crypto talk, little did you know that you are already speaking to an online scammer leading you on with talk of love and will then swindle you.
Because of that, hackers have been so successful in targeting people in dating apps over the years. Last year, the Federal Trade Commission reported that “romance scams” cost U.S. citizens over $1 billion. Similarly, romance scams reported to the Federal Trade Commission rose 80% in 2021, with victims losing $547 million.
Cryptorom is particularly alarming for the sector of security. They affect millions of victims and usually occur beyond national borders, making it nearly impractical to resolve funds that were stolen. Romance scammers are also known for being merciless. They do not usually target low sums of money but go after a victim's entire life savings.
Author’s note:
Building a relationship by sharing the same interest in crypto is the latest trend in dating that aspires to combine the conversation of millennial investment trends and be romantically involved with someone. Nevertheless, this kind of engagement or movement has gone up and grown drastically. One reason for this extraordinary progress is that cryptocurrency has become a hobby for the younger generation, more like a way of living or a habit. It is not just another investment option anymore.