The strategies romance scammers employ and how such scams operate have changed over the years, suffice to say they are all confidence schemes, and the scammer almost always impersonating someone else while trying to get the victim to send money either for sudden ‘emergency’ expenses, or getting the person to invest in a fake or fraudulent investment scheme or fake exchange.
The victims of romance frauds are often less well-adept at cryptocurrency (and sometimes brand new to it) than most cryptocurrency users, and may have been induced into acquiring it by the fraudster. Victims are more often middle aged, elderly, or somewhere in between.
In the past few years, Sha Zhu Pan Scams, also known as Pig Butchering Scams, have become incredibly common and are now the predominant way in which victims lose funds in romance-related frauds.
Statistically, Romance-type frauds are one of the most common types of frauds involving cryptocurrency, and a category which ranks among the highest amount of cryptocurrency fraudulently obtained; in 2021, almost $1 Billion USD in losses were reported by victims of Romance scams. In reality, we know the amount lost to such frauds is much higher, likely well north of $10 Billion USD once non-reported losses, mis-reported submissions, and losses in countries (other than the US) are factored in. Simply put, Romance fraud is a massive ‘industry’ that CipherBlade regularly tackles.
We are committed to safeguarding your digital assets with cutting-edge solutions. With a team of experts dedicated to threat detection, risk assessment, and incident response, we provide robust protection tailored to your specific needs.
Download our app for easy navigation
