A California resident became a victim of a sophisticated crypto scheme, losing about $500,000 after an online romantic encounter. In November 2024, the man met a woman on Facebook who introduced herself as Elsa Valentine, but later turned out to be Chen Xinyue from Hong Kong. She convinced him to invest in cryptocurrency using a fake platform that mimicked Coinbase. Initially, he transferred $5,000, later adding $26,000, hoping for the promised $50,000 from the acquaintance. However, attempts to withdraw funds were met with demands for additional contributions due to an alleged investigation.
In January 2025, Xinyue arranged in-person meetings with intermediary Jay Van in a restaurant parking lot. The man handed over cash in portions totaling $441,000 ($30,000, $90,000, $111,000, and $210,000), but the money disappeared. A fake balance on the platform showed $1.24 million frozen due to an alleged low credit rating or suspicions of money laundering.
Experts warn of the rise in similar scams that use emotional pressure and fake platforms. The police are investigating the case, but the likelihood of recovering funds is low. This case highlights the need for caution when making online investments.
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