True Love Or Crypto Scam? Investors Face Rising Risk Of 'Long Con' Crypto Scams Tied To Fake Relationships. FBI Warns Of Billion-Dollar Crypto Losses.

Federal officials warn investors about rising cryptocurrency scams tied to fake relationships on dating apps, social media, and networking sites. Scammers use these platforms to pose as romantic interests, old friends, or investment professionals, gradually earning their victims' trust before introducing fraudulent cryptocurrency investments. According to the FBI, consumers lost over $5 billion in crypto-related frauds in 2023, with relationship scams being the most prevalent. The scams typically involve a long con that builds a victim's trust over time, with the scammer requesting increasing amounts of money.