September 27, 2022

Sophos, a global leader in next-generation cyber security, has released new insight into an international crypto currency trading scam called CryptoRom that targets iPhone and Android users through popular dating apps, such as Bumble and Tinder. The new research: “CryptoRom Swindlers Continue to Target Vulnerable iPhone/Android Users” is based on first-hand stories and content shared with Sophos by victims of the scam who got in touch after seeing Sophos’ previous reports on CryptoRom. 

In the new research, Sophos reports that when victims tried to withdraw their investments from one of the fake trading schemes, their accounts were frozen and were charged up to hundreds of thousands of dollars in fake “profit tax” to regain access. According to Sophos, the CryptoRom operation is increasingly well-organised and sophisticated and targets victims all over the world.

Escalating costs

In one case shared with Sophos, a victim was charged $625 000 to regain access to the $1 million they’d invested in a fake crypto-trading scheme recommended by someone they’d met on an online dating platform. The dating “friend” then claimed to have invested some of their own money to bring their joint stake up to $4 million. According to the scammers, their investment made a profit of $3.13 million, and they were liable for a 20% profit tax, or $625 000, if they wanted to access their account to withdraw funds. In fact, neither the co-investment nor the profits were…

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