Sharp Rise in Dating App-based Crypto Mining Scams in South Korea

cryptonews.com:

There has been a rise in scams that use dating apps to lure victims onto bogus crypto mining platforms, a South Korean security provider has claimed.

Per EDaily, the claims were made by the regulation technology developer and security provider Uppsala Security. The firm said that scammers are now posing as lonely hearts on dating apps – and prey on unsuspecting victims by trying to lure them onto fake crypto mining platforms.

When they visit these platforms, the victims are promised that they can expect to make huge financial profits – paid weekly or monthly – if they invest their funds in crypto mining hardware.

The hardware, the victims are told, will be housed in special overseas data centers, where they will operate and generate “guaranteed” profits.

Fraudsters tell their victims that they have personally made large amounts of money using these mining programs. And, they claim, with the money they raise “together,” they will be able to live happy lives filled with luxury.

But, almost inevitably, after a making few modest payouts – usually designed to convince the victim that they should increase the size of their initial stakes – the fraudsters vanish with the victim’s money or crypto.

The security provider claimed that almost a third of all the crypto fraud-related crimes reported in South Korea now originate from dating apps. The company said dating app-powered crypto fraud had risen by 10% in 2022.

Often, it is the fraudster who initiates contact “under the pretext” of “dating or marriage,” the firm noted.

The firm added that security breaches leading to the compromise of private keys were responsible for 22% of crypto fraud cases. Bogus initial coin offerings (ICOs) and fraudulent “crypto study” social media group chats