Dating-App Deception Leads to $1.4M Crypto Loss — Colorado Bureau of Investigation Sounds Alarm

The Colorado Bureau of Investigation is investigating a case in which a man lost $1.4 million in retirement savings to a crypto-romance scam.

How the Scam Unfolded

The Colorado Bureau of Investigation (CBI) is reportedly looking into the case of a man who lost $1.4 million in retirement savings to a crypto-romance scam. The case, which has been described by one law enforcement officer as the largest he has seen, is one of many that have seen residents lose money in scams that often begin as romantic relationships.

According to a local report, the unnamed victim of the scam, who was having marital problems, initially connected with the scammer via a dating website. After successfully turning the conversation from romance to money, the woman convinced the victim to invest in various cryptocurrencies.

Initially, the victim was sending funds to legitimate crypto apps, but this later changed, with the money being directed to fake apps controlled by the scammers. The victim admitted that he likely fell for the scam because he was lured by the “too good to be true” proposition offered.

CBI Special Agent Zeb Smeester said that because the scammers are based overseas, law enforcement agencies have had to prioritize public education over recovering stolen funds.

“We’re not going after the perpetrators because most of them are going to be overseas. And it’s extremely hard to narrow down who those people are,” Smeester said.

Although the number of people losing money via romance scams is growing, only a few have had the courage to publicly admit they have been scammed. Yet, by not reporting, victims make it difficult for potential victims to identify scammer tactics or red flags. Coming forward, however, can help educate the public and potentially reduce the number of people falling for romance scams.

“I would say: Don’t blame yourself. And I know that’s easier said than done. You were taken advantage of. And unfortunately, this is something that we see happen to a lot of people,” said Meghan Conradt, Director of Foundation at the Better Business Bureau.

She added that her organization stands ready to help and has the resources to assist victims, urging them to report if they lost funds to romance scams.