Falling in love with 'rich children' online, lost nearly 3 million USD

CHINA In just one month, Jiang transferred $2.8 million to buy digital currency according to the person playing the role of a rich child she met online.

In December 2022, a woman surnamed Giang met a man surnamed Ton online, claiming to be the son of a wealthy family. Giang was initially skeptical, trying to verify her identity and what she gathered seemed to confirm the information the other person gave was correct. That helps her believe in Ton and the two gradually build a relationship, even planning to introduce their parents.

"I will make more money to ensure our financial freedom," said Sun.

Ton boasted about his investment ability and relationship with many inside sources, and at the same time convinced Giang to download and create an account on the application he used to trade cryptocurrencies . After two successful deals and receiving nearly a million USD from Ton, Giang was at ease and decided to pour in 2.8 million USD with personal money and borrowed from family and friends.

In January, a month after the two met online, a friend noticed something incongruous in the story. Giang was also unable to access or withdraw her money on the cryptocurrency exchange app at this time and realized that she had been scammed, so she immediately reported it to the police.

Scammers often get to know and build emotional relationships with victims via chat, before luring to invest in cryptocurrencies. Photo: Chainalysis

The investigation led to an accomplice surnamed Li - a software programmer who works part-time online and develops the above cryptocurrency app. Ly Khai only followed Ton's orders to improve the application's features. Chinese officials said that Li made a profit of 11,000 USD, was sentenced to 22 months in prison, along with a 30-month probation period and must pay a fine of 1,300 USD.

Many social media users criticized Li's defense. "His argument is that the culprit who doesn't hire himself will also hire someone else. But without Li's help, this scam could not have gone so smoothly," one person wrote.

Many people also expressed surprise at Giang's wealth and loss. "How can she raise nearly three million dollars with such limited intelligence?" another commented.

Giang is a typical victim of a common scam in the cryptocurrency world, known by security experts as "slaughtering pigs". The phrase comes from the persistent scammer "fattening" the victim with a fake romantic relationship online, then luring them to invest in cryptocurrencies and then disappear.

Online money scams are becoming more common in China. A woman in Shanghai lost nearly 300,000 USD at the end of 2022 by a person posing as a famous show MC. Beijing police in 2021 dismantled a gang of 18 people in Myanmar, in which the group obtained nearly $1.5 million from more than 50 victims across China.

In May, the US Federal Bureau of Investigation (FBI) said that the "pig butcher" scam was flourishing, but they did little to help victims in tracking down the perpetrators or getting their money back. The reason is that the legislation in most countries has not kept pace with the development of digital currency technology and users often lose money in the form of actively investing. In addition, scammers often circulate cryptocurrencies through multiple channels and are difficult to track. The FBI recommends that users be alert when strangers get acquainted and lured into cryptocurrency "investment" deals that promise high returns.