A victim of a cryptocurrency scammer lost an undisclosed amount of cash after arranging to meet the suspect at a local coffee shop earlier this month.
According to San Marino Police, the victim is a San Marino resident.
They were targeted by scammers through Facebook, and the victims told investigators that they were contacted by an unknown woman who claimed to be a “risk management expert” from Singapore.
The scammer convinced the user to transfer thousands of dollars to an online cryptocurrency wallet, a software program that stores the private keys needed to access the user’s cryptocurrency.
Police said the victim then withdrew the funds and discovered a “significant increase” in value.
On January 10, convinced that the scheme was legitimate, the victim agreed to meet a “legitimate currency dealer” at a local coffee shop with an additional amount of cash.
I gave the money to the scammer, thinking it would appreciate in value like before, but when I checked my account the next day, the funds were completely gone.
In this scheme, known by federal investigators as the “pig slaughter scam,” scammers meet their victims online, often on social media, and build trust over time. Scammers convince victims to invest in cryptocurrencies, show them instant results, and keep encouraging them to deposit more and more before ending contact and draining the victim’s funds.
The California Department of Financial Protection and Innovation actively tracks cryptocurrency scams and continues to remind consumers to be cautious when discussing online funds, especially with people they don’t know or have never met in person. Masu.
“Cryptocurrency as an investment typically carries higher risks and lacks the protections associated with other financial assets, such as deposit insurance and error resolution rights,” DFPI said on its website. “While blockchain systems may have some degree of security built in, consumers need to be aware of the risks and potential for fraud.”
The FBI announced that Americans lost more than $5.6 billion to crypto fraud in 2023.
To learn more about cryptocurrency scams or to report a cryptocurrency scam, click here.
Police said the San Marino victim’s case remains under investigation.
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