A HEARTBROKEN trader has shared how he lost his entire life savings in crypto after he was targeted by a fraudster he met on Hinge.
Steve Belcher, 52, a software engineer, from Denver used $1.6m (£1.2m) from his retirement account to invest in a seemingly promising platform after being convinced by the scammer.
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The fraud is known as sha zhu pan – or “pig butchering” – in a sick reference to how the target is said to be “fattened up” ready for slaughter.
It sees professional con artists – often linked to Chinese mafia – spend months building victims’ trust before pushing them to invest in bogus get-rich-quick schemes.
After moving to Denver, the 52-year-old dad decided to try the dating app where he came across a profile with the name Shizuka Suzuki- who also appeared to be in the same area.
Steve told The Sun Online: “It was a dating site, I was new to the area and was looking forward to meeting new people and dating apps are one way people do that today.
“This profile showed it was a person interested in cryptocurrency, a business person, there were a lot of things we had in common.
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“The reason I originally chose to contact this person was that it seemed we had a lot of the same interests, like cryptocurrency and investments.
“We connected and started a relationship online, we were talking about a range of different topics, normal things, like what do you do, where you’re from.”
Steve says that despite his efforts there was always an “excuse” such as business trips or other obligations that Suzuki could not meet him in person.
The software engineer had been investing in crypto since 2017, and up until that point he had made $70,000 (£51,000)
During a conversation one day, Suzuki suggested a platform that has a mobile app and a web app and claimed she had also invested.
Steve explained that he downloaded the app on his phone and looked legitimate adding that on the technology side the software had “everything a legitimate platform would have.”
He added: “I missed on some of the other trends like Apple or Google but with the crypto trend I was in a position to invest more.
“This individual sent me a link to this platform and told me she had made investments.
“I downloaded the app, there were no signs or warnings that this wasn’t a legitimate app.
“Once I downloaded the app there was a technical support person who is dedicated to helping you with the logistics and any customer issues you may have.
“It’s a pretty elaborate scheme, socially engineered, heavily scripted.
“They pick on those aspects of your psychology and use them to your advantage. It’s like a business.
Steve started gradually investing and even withdraw some money to test the platform.
He said: “At the time it made sense. Everything worked as I expected.
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- Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
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- Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
- Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
- Do your research – Check reviews online and Reddit threads to see what other people think.
“I started taking out money from my retirement account to transfer into this platform.
“I’ve drained all my other investment platforms to participate in the last cycle.
Once his account had a balance of 8 million USDT, Steve decided it was time to withdraw but to no avail.
The scammer posing as a “customer service agent” asked for a $1.5 million in order to allow him to withdraw the money.
The fraudster even suggested he put a mortgage on his house or his business and even borrow money from family.
Steve said: “When I realised what happened I was devastated, the panic, the depression.
“At first it looked surreal, you question yourself and start thinking you’re stupid.
Steve now wants to raise awareness so other people don’t fall victims to scams and “suffer” as he did.
“There are a lot of people who have fallen victims to the scams, they’re not unintelligent, uneducated people and they have put a mortgage on their houses and lost millions.
“They’re ashamed to admit what happened to them because of the guilt.
“Bear in mind this scam is very well structured and will convince you to invest.
“Just be careful in any kind of social media platform.”
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