A couple from Eden Prairie, Minnesota, finds themselves down more than $9 million after falling victim to a cryptocurrency romance scam orchestrated through LinkedIn.
What Happened: Star Tribune reported that the couple was enticed by the promise of hitting the jackpot through an investment scheme that guaranteed massive returns. Little did they know, he was about to become the unfortunate victim of an elaborate fraud.
The man allegedly connected with an individual on LinkedIn who convinced him of a lucrative investment strategy. The individual expressed a romantic desire for him and even asked to leave his wife in favor of a romantic relationship. Falling for the scheme, the man proceeded to make a total of 21 transactions, sending a staggering sum of $9.2 million to the scammer.
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Why It Matters: Minnesota Attorney General Keith Ellison’s spokesperson, John Stiles told Star Tribune, “No one in the office has heard of a crypto fraud case as big… In fact, their eyes popped when I told them the amount.”
Law enforcement officials discovered that instead of investing the funds as promised, the scammers used the money to purchase cryptocurrencies for their own benefit.
The victim invested in “Coinrule-web3,” a fraud that deceives victims into thinking their funds are being traded using automated software, generating fake profit numbers on their screens while siphoning their actual funds elsewhere.
The situation came to light when the victim’s wife alerted the police to her husband’s months-long liquidation of all their investment accounts.
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $29,623.61, up 2.36% in the last 24 hours, according to Benzinga Pro.
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