The surging pace of scams and frauds has been troubling the changing image of the digital asset market. In the most recent development, the Jakarta police have tracked a crypto romance scam that targets the women of middle-class families and working professionals.
According to more information reported by a regional media outlet, the mastermind behind these romance scams was operating these scams on dating applications such as Tinder and Bumble, and the women of the Philippines, Thailand, and Vietnam.
The noted process of this scam is the scammer were connecting with women working as lawyers and Doctors, and when they start the conversion they snatch victims’ attention and once the conversation gets shifted to WhatsApp they suggest a bogus project promising a 25 percent return.
Bad actors were promising 25 percent returns and the investment that was made was made on a fraudulent platform.
Scam disappears in one to two months
The report also notes that the scam lasted for two months and during its investigation, it has seized some evidence that is reportedly involved in the crypto transaction. In the days-long investigation, the police have detained a few individuals of which three were masterminds of the scheme and the rest were helping in other processes.
According to different media coverage, the scam had ties with Chinese residents, it is worth noting the number of scams operated or linked with China has surged at a greater pace, and as reported by Hong Kong media outlets reported that the surge in the number of scams is because of tight rules and regulations for cryptocurrencies.
The Chinese government banned cryptocurrencies in late 2021 and the harsh stance has given birth to a surge in the number of scams and illicit activities in China. India stands at the top of the list in terms of crypto adoption and also contributes majorly to the total number of scams and frauds in the global crypto market.
Crypto market price update
When writing the cryptocurrency market capitalization was $2.08 trillion with a surge of 3.01 percent and the market capitalization was $117 billion with an addition of 17.24 percent. Bitcoin is exchanging hands at $104,815 with a surge of 2.95 percent and its market capitalization was $2.08 trillion 2.56 percent growth.
Following the recent victory of Donald the wider crypto market is expected to reach new heights with a good set of rules for the market of the United States.
