Crypto dating scam help

Scottex99

There is no balance, 1000% scam.

They will fake trades until his money goes in, they may even let him withdraw some “profit”.

Then more money goes in and he’ll start getting hit with the pay this amount extra for a withdrawal fee or a tax etc until all his money is gone.

Tether is a stablecoin anyway so it needs to be x/USDT that’s being traded. That might help show him that it’s fake if you can run the numbers depending on what the other asset is. But there are 20 red flags already. All he has to do is google a case study.

And if after all that he still loses his money then cest la vie

mark_cycling00

Also consider that he may now have funds from terrorism or organised crime in his possession. And what that might do you his credit rating and availability to open a bank account one day. 

Not to mention the police visiting one day too ..

Voyager2002

markjamesallen said:

His lucrative trade last night was with Tether, 16k profit on a buy between 19:05 and 19:10 uk time, I have checked the chart and it moved 6 pips 1.00034 to 1.00040. His account balance prior to the trade was about 24k. Is there enough balance to make this trade possible at say 4k a point, as I doubt you’d capture the whole 6 point move and any spread the platform charges? I spread bet myself but only indices through city index and have no idea how the crypto trading works or what the margins are. Thank you

In terms of convincing him... 

Show him the actual prices at the times when he supposedly traded, and ask him to see whether the prices used in his 'lucrative' trade match these.

Even better...

since these trades are supposedly happening on legitimate exchanges, ask him to Google Kraken (preferably with you, on your device). That should take him to the genuine site. Then when he finds that his log-in credentials don't work he will start to wonder...

InvesterJones

markjamesallen said:

His lucrative trade last night was with Tether, 16k profit on a buy between 19:05 and 19:10 uk time, I have checked the chart and it moved 6 pips 1.00034 to 1.00040. His account balance prior to the trade was about 24k. Is there enough balance to make this trade possible at say 4k a point, as I doubt you’d capture the whole 6 point move and any spread the platform charges? I spread bet myself but only indices through city index and have no idea how the crypto trading works or what the margins are. Thank you

It's not real. It's not his account balance. It's not his profit.

markjamesallen

Jyana said:

markjamesallen said:

A friend of mine has been chatting to an Asian lady online for some months. She has a business in Europe. They chat by video call. Today he has told me that she is helping him trade crypto currency something he knows nothing about. He has opened a Kracken and a Foris mt ltd account. He says they are sharing the success and she is lending him the money to start the account. He swears that he has not paid a penny of his own money to her or to the accounts. He showed me the balance of the account which is 40,000 us dollars after making a 20k profit this evening after a trade that lasted a few minutes. To me this is too good to be true and I have told him it is highly likely to be a scam. What I can’t fathom is that she is happy to do video calls and she has financed the accounts. I am guessing these are fake trades and account balances. Can anyone tell me if this is a scam they recognise and how it works? Thank you

Have a read up on the various forms of the Pig Butchering scam, this sounds like it's a version of that. It's usually done in partnership with a romance or distance friend scam online these days rather than in person. Lots of examples of it on YouTube, Reddit, etc.

Often the best way to go about someone realising/admitting the situation is to ask them questions in a way that they will come to that conclusion themselves. Difficult to achieve a lot of the time, but people very, very rarely admit they have made mistakes when it comes to things like this and will swear they know best. Often it's desperation that they will eventually get their funds back, or that they really do know better than everyone else. Sorry this is happening them, it's a tricky one to get out of sometimes. 

Thank you for your help. I want to prove to him that the trading is fake. I am not sure the best way to go about this. As you say it isn’t enough to tell him it’s a scam as the romance has been going on for several months and a trust has been established. It is good news he has shared this with me as that is a possible indication that he has doubts. You are right it won’t be easy, people believe in a flat earth, the moon landings were faked, the holocaust didn’t happen, clairvoyants can speak to the dead, etc, convincing them otherwise is futile.

Jyana

markjamesallen said:

His lucrative trade last night was with Tether, 16k profit on a buy between 19:05 and 19:10 uk time, I have checked the chart and it moved 6 pips 1.00034 to 1.00040. His account balance prior to the trade was about 24k. Is there enough balance to make this trade possible at say 4k a point, as I doubt you’d capture the whole 6 point move and any spread the platform charges? I spread bet myself but only indices through city index and have no idea how the crypto trading works or what the margins are. Thank you

If profits like this were real, why would anyone ever work for a living. Why would they need to spend so much time online getting other people to pay into helping them get richer, they would be zillionaires within months themselves, more wealthy than Musk and never need to bother themselves with mere mortals or scratching a living helping others raise a buck or two. So many other people would also be trillionaires, all those other people who have invested in bitcoin too...

It just falls apart when you spend two minutes thinking about it, like every other scam. All scammers need is for their mark to be hooked on greed, romance, or gullibility. Always take a step back and objectively examine any financial situation, especially those that are too good to be true.

Eyeful

1. Have your friend google Romance Crypto Pig Butchering Scam (be with him).

2. Have your friend read through lets say 10 articles and see how closely they match the scam you have described.

3. If he still does not think it is a scam, he never will until he puts in money and looses all of it.

4. Remind your friend of the the saying:-
 If it looks to good to be true, its because you do not understand the risks involved. 

.

Sea_Shell

If he won't listen, then at least you've done your bit, by flagging it.

Assuming you are not financially dependent on this person, or financially linked, or would be in anyway impacted by him losing money...

Leave him to it.

markjamesallen

Sea_Shell said:

If he won't listen, then at least you've done your bit, by flagging it.

Assuming you are not financially dependent on this person, or financially linked, or would be in anyway impacted by him losing money...

Leave him to it.

He’s a wonderful family friend who’s been there for us whenever we’ve needed him, so we would be emotionally impacted by him being scammed. Can’t leave him to it before doing absolutely everything possible.

Sea_Shell

markjamesallen said:

Sea_Shell said:

If he won't listen, then at least you've done your bit, by flagging it.

Assuming you are not financially dependent on this person, or financially linked, or would be in anyway impacted by him losing money...

Leave him to it.

He’s a wonderful family friend who’s been there for us whenever we’ve needed him, so we would be emotionally impacted by him being scammed. Can’t leave him to it before doing absolutely everything possible.

I understand, but at the end of the day "absolutely everything" might not be enough, if he still won't listen.

He may only ever realise AFTER he loses money.  Even then he might not. They may even play him further by getting him to "invest" more, to "win it back".

Do your best, by all means, but ultimately, as an adult, it's his choice/risk/life/money.

Push too much and he could shut you out completely, if he's entirely under their spell.