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Scammers 'romance' victims, convince them to buy cryptocurrency and send it to fraudulent exchange

By FOX 32 Digital Staff
Published  April 6, 2022 6:34pm CDT
Lake County
FOX 32 Chicago

Cryptocurrency 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 for scam artists.

LAKE COUNTY, Ill. - Lake County authorities are warning residents about an ongoing cryptocurrency romance scheme. 

According to the sheriff's office, scammers will befriend victims, typically on a dating app or social media app, and then ruse and "romance" the victim into believing they are in a legitimate relationship through regular and ongoing communication with the victim.

After the victim believes they are in a relationship with the scammer, the scammer will convince the victim to purchase popular cryptocurrencies.

The scammer will then entice the victim to believe they can make more of a profit by trading the cryptocurrency to a different cryptocurrency exchange.

These secondary exchanges are typically 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 them details on where to send it, authorities said.

Once the victim sends the crypto to these unknown cryptocurrency wallets, law enforcement officials have a difficult time tracking its whereabouts and developing a suspect.

If you are unsure of the legitimacy of a cryptocurrency exchange, you should research and look for reviews, authorities said.  

If you are unable to find any data about the exchange, it is most likely fraudulent., officials said.