Japan is dealing with an increasing variety of crypto-related frauds and scams, with a current case including dating app catfishing. The victim lost more than $90,000 after being encouraged to buy a phony cryptocurrency platform by a fraudster he satisfied on a dating app.

After matching, the fraudster informed the victim that they handled a cryptocurrency business, which he would generate income if he bought crypto, Crypto News shared.

After the victim moved cash to accounts on several celebrations for this ‘financial investment’, ultimately the fraudster ended up being uncontactable and the cash difficult to gain access to.

The Japan News reports that romance fraudsters will typically declare to be foreign, or non-Japanese in this case, in order to prevent conference in-person. It shares that matchmaking app Tapple has actually attempted to resolve the problem.

The app prohibits users from sharing contact information for communication apps prior to they fulfill personally, the short article describes.

Crypto-related frauds tend to be called ‘pig butchery’ criminal activities, as victims are ‘fattened’ up prior to their cash is removed.

In 2021, the Federal Bureau of Investigation’s Internet Crime Complaint Center got more than 4,300 grievances related to crypto-romance frauds,.