Ian

They reach out over social media. Often they're trying to sort of create a romance spark, but not always. I've interviewed victims where romance was not involved at all. It was just really a great investment idea.

They reach out over social media. Often they're trying to sort of create a romance spark, but not always. I've interviewed victims where romance was not involved at all. It was just really a great investment idea.

And then over a long period of time, the person seduces the victim, develops a relationship, and then says, oh, and by the way, I have this great investment opportunity for you in cryptocurrency. I see. and then drags them along that way. And a lot of people don't understand what cryptocurrency is and how to invest in it. They know, though, that a lot of people have made a lot of money in it.

And then over a long period of time, the person seduces the victim, develops a relationship, and then says, oh, and by the way, I have this great investment opportunity for you in cryptocurrency. I see. and then drags them along that way. And a lot of people don't understand what cryptocurrency is and how to invest in it. They know, though, that a lot of people have made a lot of money in it.

And so, you know, romance scams are as old as humanity, right? But this combines the romance scam aspect with social engineering to find people who are vulnerable with this sort of mystery around cryptocurrency.

And so, you know, romance scams are as old as humanity, right? But this combines the romance scam aspect with social engineering to find people who are vulnerable with this sort of mystery around cryptocurrency.

And, you know, it goes on so long that often people think they're making money, but then eventually they find that they don't have access to their funds anymore and they've lost everything.

And, you know, it goes on so long that often people think they're making money, but then eventually they find that they don't have access to their funds anymore and they've lost everything.

It's multiple organizations, but the big drivers are believed to be organized criminal groups located in Southeast Asia. And they're big operations. It's sometimes involving hundreds or even thousands of people.

It's multiple organizations, but the big drivers are believed to be organized criminal groups located in Southeast Asia. And they're big operations. It's sometimes involving hundreds or even thousands of people.

Yeah, so this is a really interesting thing that they're doing. The FBI has gotten very good at tracing crypto because cryptocurrency transactions are in the open. So the FBI can see this. And what they've started to do is claw back some of this money. So they've actually been able to get victims back their money.

Yeah, so this is a really interesting thing that they're doing. The FBI has gotten very good at tracing crypto because cryptocurrency transactions are in the open. So the FBI can see this. And what they've started to do is claw back some of this money. So they've actually been able to get victims back their money.

And then the other thing they do is if they see evidence that someone is being scammed, because the FBI has a lot of cyber surveillance going on and they're looking at some of these criminal groups. I spoke to a victim. He was about to take out a loan. and go further into debt and turn that money over to the scammers.

And then the other thing they do is if they see evidence that someone is being scammed, because the FBI has a lot of cyber surveillance going on and they're looking at some of these criminal groups. I spoke to a victim. He was about to take out a loan. and go further into debt and turn that money over to the scammers.

And he got a call from the FBI who said, hey, you're in the middle of a cryptocurrency scam. Don't give them that money. So that saved him from further pain. But, you know, I got to say, that is a small, small percentage of the larger universe of money that's being stolen. They don't get most of it.

And he got a call from the FBI who said, hey, you're in the middle of a cryptocurrency scam. Don't give them that money. So that saved him from further pain. But, you know, I got to say, that is a small, small percentage of the larger universe of money that's being stolen. They don't get most of it.

The basic rule of thumb is you should never invest in anything, but particularly cryptocurrency, based on a solicitation that you got on social media or online. But also just in general, if people are reaching out to you that you don't know and are acting familiar and trying to become your friend, you should have a healthy dose of skepticism about that and do your due diligence.

The basic rule of thumb is you should never invest in anything, but particularly cryptocurrency, based on a solicitation that you got on social media or online. But also just in general, if people are reaching out to you that you don't know and are acting familiar and trying to become your friend, you should have a healthy dose of skepticism about that and do your due diligence.

It's remarkable that you're exactly right. I spoke to a cancer researcher, an esteemed scientist, who essentially turned over his life savings falling victim to this scam. And again, it goes back to you could be a sophisticated person, but somehow people keep falling for this idea that these folks have a unique way to make money and you can only do it through them.

It's remarkable that you're exactly right. I spoke to a cancer researcher, an esteemed scientist, who essentially turned over his life savings falling victim to this scam. And again, it goes back to you could be a sophisticated person, but somehow people keep falling for this idea that these folks have a unique way to make money and you can only do it through them.