Love Fraud on LinkedIn: A $10 Million Cryptocurrency Scam
A couple from Eden Prairie, Minnesota, has suffered significant financial losses, totaling nearly $10 million, due to a deceptive crypto scheme encountered on LinkedIn.
Authorities in Minnesota have reported that a man was enticed by the promise of huge returns through an investment scheme. He met an individual on LinkedIn who convinced him to invest, promising substantial gains and the idea of leaving his spouse.
The man, without his wife’s knowledge, sent a total of $9.2 million in 21 transactions, continuously increasing his deposits.
John Stiles, the spokesperson for Minnesota Attorney General Keith Ellison, emphasized that the amount lost in this case was unprecedented and a shock to everyone in their office.
Investigations revealed that the suspects did not invest the man’s money as promised but instead used it to purchase cryptocurrency for their own benefit.
The man believed he was investing in a fraudulent scheme called “Coinrule-web3,” which falsely claimed to use automated trading software for significant profits while actually siphoning off the victims’ funds elsewhere.
READ MORE: Breaking Barriers: Top Banks Open Doors to Crypto Exchanges
The man’s wife became aware of the situation when she noticed him liquidating their investment accounts over the span of six months. In a panicked state, he requested her to withdraw all remaining funds to cover a $2.8 million “withdrawal fee” for the fraudster.
Further investigations revealed that the fraudster utilized the Metropolitan Commercial Bank of New York City, a common practice in such scams and money laundering activities.
According to Stiles, Minnesota has witnessed senior citizens losing their life savings and resorting to multiple mortgages on their homes to deposit more funds into cryptocurrency scams.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
