A woman falls victim to a $300,000 cryptocurrency scam: Here’s all the information we have

A woman lost approximately $390,000 to a scammer who deceived her into investing in cryptocurrency. She encountered the scammer through a dating app, highlighting the latest method scammers use to target young individuals.

Cryptocurrency scams are experiencing a surge in frequency. Numerous instances of crypto fraud have surfaced on the internet. Notably, a trader from Ahmedabad fell victim to a scam, losing Rs 1.25 lakh as he was enticed into investing in cryptocurrency with the promise of doubling his investment. Additionally, more than 2,000 cryptocurrency investors were allegedly defrauded of Rs 40 crore. Adding to this concerning trend, a woman recently suffered a loss of $300,000 after a scammer deceived her into investing in cryptocurrency.

Niki Hutchinson, a 24-year-old social media producer hailing from Tennessee, had installed a dating app known as Hinge. It was through this app that she crossed paths with a man named Hao, leading to a month-long exchange of messages that ultimately resulted in her becoming the latest victim of fraud.

Initially, Hao earned her trust, and as they grew closer, he seized the opportunity to introduce her to the world of cryptocurrency. This decision came to light after he discovered that she had inherited nearly $300,000 from the sale of her childhood home following her mother’s passing. According to a screenshot shared by the New York Times, the scammer expressed a desire to teach her the ropes of cryptocurrency investment, claiming it would yield “extra income.”

Subsequently, she agreed and sent a modest sum of cryptocurrency to an address provided by Hao. The scammer deceived her by asserting that the destination account was associated with a cryptocurrency exchange named ICAC. When she observed her funds reflecting on this platform, she grew more confident in her investments with Hao, astounded by the apparent ease of generating quick profits. Eventually, she even committed her entire savings to the crypto-trading platform.

In December 2021, Hutchinson’s suspicions were aroused when she encountered difficulties withdrawing funds from her account. A customer service representative from ICAC informed her that her account had been frozen and that she would need to settle a tax bill amounting to thousands of dollars before access could be restored. Subsequently, Hao vanished, as reported by The New York Times. Hutchinson is presently collaborating with local Florida law enforcement in an attempt to locate and apprehend the scammer.

Hutchinson has made it clear that she does not hold high hopes of recovering her lost funds, but her primary aim is to caution others regarding the potential risks involved when someone offers assistance with cryptocurrency investments. She candidly stated to The New York Times, “You hear all these stories about people becoming millionaires. It just felt like, oh, well, cryptocurrency’s the new trend, and I need to get in.”