Crypto Romance Scam Drains $1.4M
"Once the victim becomes familiar, they ask them to install fake trading applications with legitimate looking domains and customer support," wrote researchers.
"They move the conversation to investment and ask them to invest a small amount, and even let them withdraw that money with profit as bait."
Researchers wrote: "When the victim wants their money back or gets suspicious, they get locked out of the account."
Victims have been defrauded of at least $1.4m by CryptoRom. Researchers noted that, "in most cases we