US Man, Seeking Affair, Loses Rs 12 Crore In Romance Scam: "She Was Very Beautiful"

A Colorado man, unhappy in his 20-year marriage, lost $1.4 million (Rs 124,148,519) to a cryptocurrency romance scam. According to a report by the Independent, he met the scammer named "Erin" on Ashley Madison, a dating site for married individuals seeking affairs. The duo bonded over shared values through WhatsApp photos, FaceTime conversations, and chats, leading him to trust her. She also offered to help him protect his assets in anticipation of a potential divorce, and their conversation quickly turned to investing in cryptocurrency.

"She said, 'Oh, by the way, um, I'm into Bitcoin, cryptostuff, and make lots of money, and I can help you try to save your money if you go through a divorce," he told 9News.

Believing they were in a romantic relationship, he trusted the person and started sending money to legitimate crypto apps. However, the scammer eventually directed him to a fake app. The scam depleted his retirement and life savings by $1.4 million, with four cryptocurrency transactions made over six weeks.

He admitted to KDVR that emotions like loneliness, misplaced trust, and hope clouded his judgment, ultimately leading him to invest in a fake crypto account.

"Part of where I was in life, looks, but also, she had great ideas for making money that I might lose in a divorce settlement. She had several businesses she owned. And she was a very beautiful, very attractive person in the pictures," he said. 

"Part of my drawback was greed and loneliness on top of it. I was in pretty deep," he added. 

After six weeks of transferring his retirement funds, he realised he'd been scammed and reported it to the police. He felt anger and shame, shocked that he'd fallen victim to the scam.

According to Colorado Bureau of Investigation Special Agent Zeb Smeester, the $1.4 million loss is the largest he's seen in a crypto scam. A major challenge is acting quickly, as per the officer. In this case, investigators traced the funds to a cold storage wallet, a digital safe, but its owner is unknown. To access the funds, the scammer would need to use a crypto exchange.

"We're just kind of waiting for that to move to touch an exchange that is cooperative with law enforcement," Mr Smeester said. 

While some crypto exchanges collaborate with law enforcement to seize and return funds, the prospects of recovery are slim in this case. Although investigators have tracked the funds, challenges in investigating and recovering stolen assets in similar cases suggest it's unlikely the man will get his money back. According to Mr Smeester, warning signs of potential scams include requests for money, avoidance of in-person meetings, and insistence on secrecy in the relationship.

The victim believes his experience serves as a lesson to others about online safety. He advises people to exercise caution when connecting with others online, especially if they haven't met in person, and to verify identities thoroughly. He also recommends trusting instincts and seeking advice from trusted individuals, warning that if something seems too good to be true, it probably isn't.