Unraveling the Tactics of CryptoRom Scammers

The criminal group involved in this operation follows a specific modus operandi. A scammer, often a charming individual with eye-catching photos, targets potential victims on dating platforms like Tinder, Badoo, and OKCupid, and forges romantic bonds. In due course, cryptocurrency investment enters the conversation, which the fraudster claims have yielded them considerable wealth. The captivating individual then offers mentorship and detailed guidance to vast profits. Ultimately, the smitten victim invests their crypto assets in sham projects through various schemes, unknowingly channeling them straight into the hands of accomplices. This scam is known as “CryptoRom” or “сrypto romance scam.”

CryptoRom represents a meticulously orchestrated fraud that harnesses a blend of social engineering with a romantic spin, and misleading desktop or mobile applications that pose as investment ventures. The entire operation is designed to lull the victim into a trap and swindle their money, with the scam's participant successfully charming and winning over their trust. 

A culprit, having established a connection with the victim on a dating platform, quickly escalates the relationship, making the shift from light-hearted flirting to investment discussions within just a few days.

The website of this so-called “investment” crypto project, suggested by the newfound acquaintance on Tinder, typically presents itself as thoroughly reputable. It sports a top-tier domain, a visually appealing design, regulatory licenses, and promises high annual returns. These fraudsters also employ mobile apps, which are conveniently found not just on Google Play, but on the App Store too. The cover stories in these fake investment schemes can range from cloud-based or eco-mining to algorithmic trading through bots, boasting super-profitable strategies.

Initially, the fraudsters demand a modest investment — roughly the equivalent of $500 in BTC, ETH, or other popular cryptocurrencies. The friendly acquaintance then encourages the victim to add more to the digital wallet, dangling the prospect of larger profits. And then even more. The victim is asked to wait at least a month, ostensibly "for the interest to accumulate".

When the victim attempts to withdraw a portion of their assets after a month, they discover that they're unable to do so. The platform's support service may enforce various stipulations — from navigating a convoluted KYC process to ramping up the deposit. Every step is meticulously planned to extract as much money from the victim as possible or to stall for time. In the final scene of this farce, the victim's account is locked, or the investment project's website suddenly becomes unreachable. The Tinder scammer blocks the victim and sets off on their next hunt.

In this scenario, the scammer proposes to the unsuspecting victim to purchase cryptocurrency through a supposedly "reliable and verified" digital asset exchange platform. The scammer claims that they routinely perform exchange transactions themselves through this platform. Following the link provided by the scammer, the victim lands on a phishing website, where they are tricked into providing their card details. Once the funds have been debited, the representative of the exchange asks the victim to wait for a duration ranging from 30 minutes to several hours, reassuring them that the cryptocurrency has already been transferred. Meanwhile, within a matter of minutes, the fraudsters empty the card's balance by purchasing electronic money or crypto assets before the victim can block their card.

There are cases where the purchased crypto assets do indeed make their way into the victim's wallet. However, it later becomes clear that this cryptocurrency is "dirty", implicated in illegal darknet transactions or simply stolen by hackers due to a breach in a decentralized protocol or DEX exchange.       

Another scheme is commonly perpetrated on social networks, most frequently on Twitter. The criminal scrutinizes the potential victim's profile, along with the list of prominent or attractive individuals they follow. These could include known politicians, influencers, celebrities, company top managers, or physically appealing individuals. The fraudster then clones the chosen individual's account, creating an exact duplicate. The only difference is an additional digit or letter in the username, for example, @cuysheffield becomes @cuysheffield2. The fraudster then follows the victim and requests a follow-back. The victim, believing they are dealing with a known individual, agrees, and the conversation then follows a script revolving around 'investment' or 'cryptocurrency purchase'. In the Twitter environment, the fraudster usually foregoes extensive flirting and directly proceeds to business.

Exercise vigilance and steer clear of CryptoRom swindlers. Act promptly to block any accounts that raise suspicion and refrain from entertaining investment propositions from an individual of dubious reputation, no matter how alluring they might appear. In almost every instance—99.9% to be precise—you're likely interacting with a fraudster.