A bad actor conned a Minnesota resident out of $9.2 million over 21 transactions in an elaborate crypto scam. At the time, the victim believed he was sending a potential lover funds for cryptocurrency investments.
An Eden Prairie police detective has filed a search warrant affidavit in Hennepin County District Court to investigate the disappearance of a couple’s money. From December 21, 2022, to June 8, 2023, the reputed victim willingly sent $9.2 million to a mystery woman. Towards the end of this period, individual transactions ranged from $100,000 to $2.1 million, according to a StarTribune report.
Minnesota Prosecutors Had Never Seen Crypto Fraud So Massive
This latest swindle comes at one of the worst times imaginable for the crypto industry. It fights for its credibility amid heated rhetoric from the likes of Securities and Exchange Commission head Gary Gensler. In a recent interview, Gensler said that the industry is “rife with fraud, rife with hucksters.” Cases like this one do not help prove him wrong.
The scam began the way all too many investment swindles do. The alleged con woman enticed the victim on LinkedIn, promising high returns from crypto investments while developing a bogus romantic relationship.
Eventually, she pleaded with the victim to leave his wife. The offer of love and riches apparently proved too much of a temptation.
Without his partner knowing, the victim siphoned off the couple’s savings into what he believed was a venture called “Coinrule-web3.” After seeing a quick profit in this investment, the victim continued to send cash to the perpetrator. However, in a cruel twist, the scammer told him to pay a $2.8 million fee to receive his profits.
Author: Josh Adams
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