Scammers are using dating apps to steal crypto funds and launder them overseas using platforms like Tether.
- Over $36.9 million was stolen in a crypto romance scam targeting U.S. users.
- The scheme used fake companies, bank accounts, and stablecoins like USDT.
- Victims believed they were investing in crypto through people they met online.
How the Scam Worked
It started with friendly messages on dating apps or social media. Scammers acted like they cared, earned trust, and suggested investing in crypto. They used fake trading apps to show fake profits and asked for more deposits when users tried to withdraw. Everything seemed real until the money was gone.
In one case, scammers created a fake company called Axis Digital. They opened legitimate bank accounts under its name and invited users to invest. Once they had the money, they used stablecoins like Tether (USDT) to send it abroad.
Who Was Involved
Five people were charged in this scheme. They came from countries including the U.S., China, Spain, and Turkey. The scammers used shell companies, fake directors, and international bank transfers. The operation ended with funds being moved to accounts in Cambodia, a country used by many cybercrime groups for laundering money.
One of the key people, Jose Somarriba, pleaded guilty. This plea helps U.S. investigators track other members and funds. According to the Department of Justice (DOJ), over $225 million in crypto tied to similar scams is being seized.
Why Scammers Use Tether
Stablecoins like USDT let criminals move money fast with fewer checks. They turned stolen cash into Tether, then sent it across borders almost instantly. Many of these transfers went through Telegram groups and crime rings.
In 2024, over 63% of illicit crypto transactions involved USDT. Its speed and low fees make it a favorite for those looking to hide illegal money.
US Pushback and Warning Signs
U.S. officials are cracking down. They’re focusing on fake investment platforms, dating app fraud, and Telegram scam rings. They’re also urging users to watch for signs like:
- Online love interests pushing crypto investing
- Delays or fees when trying to withdraw profits
- Requests to move conversations to Telegram
- Fake dashboards showing big fake earnings
To protect yourself, research any crypto platform. Don’t believe promises of fast profits. And never send money to someone you just met online.
Source: cointelegraph.com
