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Crypto-trading Scam Demands Thousands of Dollars in Fake “Profit Tax” to Unlock Victims’ Accounts, Sophos Finds

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Sophos, a global leader in next-generation cybersecurity, has released new insight into an international cryptocurrency 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 real, and the online “friend” was part of the scam.

“The CryptoRom scam is romance-centered financial fraud that relies heavily on social engineering at almost every stage,” said Jagadeesh Chandraiah, senior threat researcher at Sophos.

“The scammers attract targets through fake profiles on legitimate dating sites and then then try to persuade the target to install and invest in a fake cryptocurrency trading app.

“The apps are usually installed as web clips and are designed to closely resemble legitimate, trusted apps.

“According to victims of this scam who contacted us after our earlier articles, the 20% ‘profit tax’ is only mentioned when they try to withdraw their funds or close the account. Victims who struggle to pay the tax are offered a loan. There are even fake websites that promise to help people recover their funds if they’ve been scammed.

“In short, whichever path the increasingly desperate victims go down to try to get their money back, the scammers are there waiting for them. People tell us they have lost a lifetime’s savings or their retirement funds to the scam.”

The Sophos research also found a few cases where the CryptoRom operators had approached targets directly via WhatsApp and SMS messages, probably using stolen information.

New Technical Features

Sophos’ research also details new technical aspects of the CryptoRom operation. For instance, according to Sophos, the fraudsters are misusing Apple’s TestFlight feature that allows for a limited group of people to install and trial a new iOS app and go through a less stringent Apple review process. During 2021, Sophos researchers observed CryptoRom misusing the iOS Super Signature and Apple’s Enterprise Program for the same purpose.

Sophos researchers also found that all the CryptoRom-related websites used by the fraudsters had very similar backend structure and content and that only the brand names, icons and URLs were different. Sophos believes this may enable the scammers to quickly change the websites they use for the scams when one of them is detected and shut down.

Staying Safe – An Industry Issue

“It is deeply worrying that people continue to fall for these criminal schemes, particularly since the use of foreign transactions and unregulated cryptocurrency markets mean that victims have no legal protection for the funds they invest,” said Chandraiah. “This is an industry wide issue that is not going away. We need a collective response that includes traceability of cryptocurrency transactions, warning users about these scams and quickly detecting and removing the fake profiles that enable this kind of fraud.”

For more information, please read the article “CryptoRom Swindlers Continue to Target Vulnerable iPhone/Android Users.”

Sophos has published previous research into CryptoRom and other crypto-trading and financial fraud. Sophos has also published reports on other cyberthreats facing consumers and home users, including “fleeceware” where users are severely overcharged for mobile application services.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NCC Holds Virtual Forum on A2P Licensing Framework

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Nigerian Communications Commission (NCC) has hosted a virtual stakeholders’ forum to discuss the draft Application-to-Person (A2P) licensing framework.

The event, held on December 20, aimed to address challenges in the international A2P messaging space in Nigeria, including consumer protection, fraud prevention and industry fairness.

Dr. Aminu Maida, executive vice chairman (EVC)/ceo, Nigerian Communications Commission who was represented by Mrs. Chizua Whyte, Ag. Head, Legal and Regulatory Services of NCC, said A2P messaging plays a vital role in today’s digital world.

“A2P messaging drives efficiency, enhances communication and supports socio-economic development.

“It has become the go-to platform for businesses to send notifications, whether transactional, promotional or service-related, directly to consumers,” Whyte said.

She emphasized the importance of effective regulation, stressing that the NCC’s strategic focus is centered on three key stakeholders: the government, consumers and the industry.

Whyte noted that the proposed framework seeks to foster innovation, ensure fair and transparent operations and protect consumers.

“The NCC firmly believes that effective regulation stems from inclusivity and collaboration.

“This forum is an opportunity for all of us – operators, aggregators, businesses, service providers and consumers – to engage in meaningful discussions,” she said.

The commission presented the various feedbacks received as inputs into the A2P Licensing Framework and gave NCC’s responses to each of the observations and recommendations made by the licensees.

Mrs. Truddy Tony-Awusaku, Assistant Director at the Licensing and Authorisation Department of the NCC, presented an overview of the framework for international A2P messaging in Nigeria.

The NCC assured stakeholders that it would continue to engage internal and external stakeholders ahead of the final draft of the A2P Messaging Services Licensing Framework.

The commission invited stakeholders to provide feedback and recommendations to refine the framework and create a sustainable A2P messaging ecosystem.


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9Mobile Blames Network Outage on Data Center Fire in Lagos

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9Mobile, mobile network operator, has blamed a network outage this week on a fire incident at its main data center in Lagos.

9Mobile Blames Network Outage on Data Center Fire in Lagos

The fire is said to have happened on Tuesday night (December 17), leading to network issues for 9Mobile’s customers until Thursday.

9Mobile said it had experienced multiple fiber cuts which had led to some of the disruption.

Its customers have taken to social media to complain about a lack of voice and data services.

9Mobile is estimated to have more than 11 million mobile subscribers.

The latest outage follows a six-day outage that impacted the carrier in July.

“9Mobile sincerely apologizes for the recent service outages experienced by our valued customers which have affected our ability to provide voice, data, and internet services. We understand the frustration these disruptions have caused and deeply regret the inconvenience,” said 9Mobile in a statement.

“Our technical team has identified the root causes of the outages including a fire incident at our main data center in Lagos last night which severely impacted services, especially in the Lagos and South-West.  We are grateful for the swift intervention of the Lagos State Fire Service, which helped prevent further damage.”

The cause of the fire was not revealed by the carrier.

Acknowledging the fiber cuts, 9Mobile explained that prior to the fire, a fiber cut on the backbone links in Lagos led to a total data outage across the country. Other vandalism incidents in Lagos and Abuja led to a total service outage in the southwest and a data service outage in the north of the country.


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Sytemap Announces 50% Discount on Verified Lands for Women, March 8–14, 2025

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Sytemap, a trusted leader in land acquisition and technology solutions, is thrilled to announce a groundbreaking initiative designed to empower women through affordable and secure land ownership.

From March 8 to March 14, 2025, women—including professionals in Africa and the diaspora—will enjoy an exclusive 50% discount on plots from verified estate developers through the Sytemap platform.

This initiative, themed “Her Land, Her Future,” underscores Sytemap’s commitment to breaking cultural and economic barriers that have historically sidelined women from property ownership. Partnering with over 30 reputable estate developers, Sytemap is creating unprecedented opportunities for women to invest in land with confidence.

For decades, women in Nigeria and across Africa have faced significant hurdles in land acquisition, including high costs, fear of fraud, and societal biases. In fact, studies show that 65% of victims of land scams in Nigeria are women.

Sytemap’s CEO, Nnamdi Uba, stated, “Women have long been marginalized in land ownership, a critical path to building wealth and security. Our mission is not only to make land ownership accessible but to eliminate the fears and uncertainties that hold women back.”

With this initiative, Sytemap leverages its reputation for transparency and cutting-edge technology to offer a simple, scam-free, and empowering process for land purchase.

The campaign is designed to resonate with young professionals, particularly women with good-paying jobs who are ready to invest in their future. For women in the diaspora, the initiative offers tailored support, including seamless international payment options and an innovative plot-monitoring app that allows buyers to manage their investments from anywhere in the world.

Key Features Include:

50% Discount: Available only during the trade fair window (March 8–14, 2025).

Verified Estates: Secure locations vetted by Sytemap and trusted developers.

Flexible Payment Plans: Options to spread payments over several months to ease financial stress.

Digital Monitoring: A dedicated app to track land purchases and allocation progress.

Guaranteed Transparency: Every outright payment comes with instant, verifiable certificate allocation, with land documents delivered within three weeks.

This initiative will launch during the “Sytemap Land Trade Fair 1.0,” an event bringing together key stakeholders, women’s organizations, and influencers to celebrate this transformative moment. Women in the diaspora are encouraged to participate and take advantage of this life-changing opportunity.

Imagine a future where women are equal stakeholders in property ownership, shaping communities and securing generational wealth.

Sytemap invites women across Africa and the diaspora to claim their space and rewrite the narrative of land ownership.

For more details and to reserve your plot, visit https://sytemap.com/women.


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