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According to local media reports, a Minnesota resident has fallen prey to one of the largest crypto scams. Sources reveal that the criminals have conned the individual out of a remarkable $9.2 million in a series of over 21 transactions in an elaborate scam.&nbsp; 
The report revealed that the victim was under the impression that he was sending a potential lover funds for cryptocurrency investments. Reportedly, 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.&nbsp; 
According to the investigation records, 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. 
Sources reveal that the scam began in a similar way as too many investment swindles do. The alleged bad actor or the con woman enticed the victim on LinkedIn, promising high returns from crypto investments while flaring a fake romantic relationship. 
Additionally, she pleaded and tried convincing the victim to leave his wife. Hence, the amalgamated offer of love and riches apparently proved too much of a temptation. So without letting his partner know, the victim siphoned off the couple’s savings into what he believed was a venture called “Coinrule Web3.”&nbsp; 
After seeing a quick profit in his initial investment, the victim continued to send cash to the perpetrator. However, in a sudden twist, the scammer told him to pay a $2.8 million fee to receive his profits.&nbsp; 
The case is the latest example of what’s known as a “pig butchering” scam. These scams involve manipulative relationships where criminals insert themselves into the victims’ lives. Criminals in pig butchering scams often use crypto as a way of tricking victims out of their money. 
Reportedly, the fraud came to the attention of the police on June 15 when the man’s wife informed them of her doubts. She said that he had been selling off their investment accounts over the past six months.&nbsp; 
At this point, the husband reportedly panicked and asked her to withdraw all their remaining assets to pay the $2.8 million fee to access his profits. Within few moments of a quick online search, police discovered that “Coinrule Web3” had ties to several other crypto and relationship scams. 
No one in the office has heard of a crypto fraud case as big. In fact, their eyes popped when I told them the amount. John Stiles, spokesman for Minnesota Attorney General, Keith Ellison 
Notably, despite all the attention focused on the increasing cases of crimes in the US and other parts of the globe; the scammers are fearless in their mission. Recently, the US Securities and Exchange Commission, had <a href="https://news.todayq.com/sec-introduces-new-registration-hurdles-for-crypto-firms-to-enhance-transparency/" rel="noopener noreferrer nofollow">sent</a> out a very strong message for the crypto but it all seems to have not affected these scammers. 
In a recent interview, SEC chief, Gensler <a href="https://news.todayq.com/gensler-blames-crypto-industry-for-noncompliance-downplays-the-need-for-crypto-regulation/" rel="noopener noreferrer nofollow">said</a> that the industry is “rife with fraud, rife with hucksters.” While Gensler is <a href="https://news.todayq.com/lawmakers-and-blockchain-association-ramp-up-pressure-on-secs-gensler-over-strict-crypto-regulation/" rel="noopener noreferrer nofollow">known</a> to be highly antagonistic, such instances help prove his stances and theories right. 
Simultaneously, FBI has previously <a href="https://news.todayq.com/fbi-releases-warning-for-false-job-ads-linked-to-crypto-scams-and-labor-trafficking/" rel="noopener noreferrer nofollow">warned</a> of crypto scammers operating on LinkedIn. The social media company’s director of trust, privacy, and equity, Oscar Rodriguez, has confirmed the recent increase in fraud on its platform to CNBC. 
Overall, there’s no doubt that the scams are one of the highest threat to the crypto community at the moment and must be tackled on priority. Just last week, Commodity Futures Trading Commission (CFTC) <a href="https://news.todayq.com/tennessee-couple-swindles-100-people-in-crypto-pool-funds-misused-for-debt-payments/" rel="noopener noreferrer nofollow">filed</a> complaint against Tennessee couple for their alleged involvement in a fraudulent investment scheme known as “Blessings of God Thru Crypto.” The couple is accused of deceiving more than 100 victims and swindling a staggering $6 million in a mere six months. 
© Todayq News

Minnesota man loses $9.2 million in a Crypto pig-butchering scam spreading through LinkedIn

Todayq News

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