LATOKEN Blog

Dating App User Lost £20,000 because of Cryptocurrency Scam. How Can You Avoid Being the Next?

Online dating has become a big part of our online interactions but there are people who use the dating platforms for malicious purposes. Recently, according to the Guardian, James Evans fell victim to a crypto scam on Grindr. (person’s name is changed for privacy purposes)

How Do Scammers Approach their Potential Victim Online?

James got contacted by someone on the dating app. He introduced himself as David, and as they started to talk more often, David offered to teach him how to invest in crypto. Things were going smooth, they were chatting, having normal conversations, but a week later David convinced him to buy crypto on Binance for £500, and move that money to a different trading platform. Things snowballed, and James ended up spending £20,000 in total. Portion of that money was carried out via First Direct, and the company offered a statement on the matter: 

“Upon investigation we have concluded our fraud detection systems worked as intended but, because Mr Evans sent the money to an account in his own name before transferring the money on again, there is no further action we can take.”

What Does Apps Involved Say?

Both Grindr and Binance gave their statement on the matter, however, all the statements from companies point to James Evans himself. While these apps have their own systems that are put in place to help avoid crypto scams, they are not bulletproof. 

Crypto scams of this sort tend to target genuine people who are easy to convince and win their trust. This trust component is later going to be used to off-set any potential roadblocks for scammers to get a hold of financial resources. 

While system preferences and policies can help with avoiding scam, they don’t completely eliminate the possibility of being a victim of crypto scams. Users themselves have to learn to make informed and logical decisions, and avoid emotional decisions. 

How to Avoid Being the Next Victim of Crypto Scams?

Crypto is a relatively new trend for the majority of the general public. Just like in any other field, this “new” factor creates space for scams of different sorts. 

Only way to avoid crypto scams is to stay informed and only communicate with official representatives of any exchange or trading platform. Ask for ID if there is a need. Also, having some common sense as to why a random stranger on a dating app would like you to be the next Bitcoin millionaire? If they know how to do that, would they be sitting on a dating website telling everyone about this “gold mine” or would they be just focused on stacking their own BTCs? 

Someone who is fairly new to the crypto world doesn’t think about these nuances. However, learning about crypto, and how to stay safe while trading, buying, or selling crypto can save you from becoming a victim of crypto scams. On LATOKEN Blog and Medium, we consistently share useful articles that can help LATOKEN traders to stay from crypto scams. Stay safe and secure while being the part of the next big financial history on the LATOKEN exchange.

LATOKEN is a leading market for new digital assets and a growing multi-million community dedicated to growing crypto users to a billion. LATOKEN is also planning to launch its own NFT Marketplace. Their slogan is “Next Bitcoin starts on LATOKEN.”
LATOKEN  does not provide investment, tax, legal or accounting advice. This article is written for informational purposes only. Like many other assets, cryptocurrencies are subject to high market risk. Please trade with caution.