Crypto-pimps are raking in ‘millions’ by training sex workers how to work with cryptocurrency, an expert has revealed.
Adult workers are trained to set up crypto-wallets, how to trade currency and about which coins are good and which are not, an undercover investigation found.
The 58-year-old undercover journalist Ian Halperin dressed like a kid wearing "baseball caps with crazy logos" to fit in with the industry's elite.
As part of his research for his new book ‘Crypto Boy’, he travelled to the country Georgia to see how crypto was being adopted out there.
Amid the crypto hotels and crypto conferences he uncovered a sex worker industry that was rapidly adopting cryptocurrency.
Canadian journalist Ian told the Mirror: “I posed as a wealthy real estate guy from New York who came to Georgia to invest in the crypto business.
“It was how I was able to go undercover. It’s how I got access to all these characters.
“They would go on and on about the sex trade, how that was the most profitable.”
He added: “They were telling me how they were making millions of dollars on the sex trade via crypto.”
With legislation across the world as well as payment apps able to clamp down on sex work, cryptocurrency can offer a safe and secure way for sex workers to get paid.
But despite its potential to revolutionise the industry it still leaves workers ripe for exploitation.
Ian discovered a ‘school’ had been set up for sex workers.
He said: “They said it was so simple. It’s so easy. They had this training ground there. It was called StarModels at the time but they’ve changed it since.
“They recruited all these beautiful women from all over Eastern Europe. They profited from the war. They got all these women out of Ukraine, these gorgeous model types who wanted to leave the war.”
During a three week training program the women would be taught how to work with clients.
Ian said: “They would be training them not only to be the high end escorts but also train them in crypto. They have educators who teach them how to set up a wallet, how to trade. They teach them about the current crypto coins - the good coins, the s**t ones. It’s crazy. They get a whole course in the three weeks.”
To make sure the characters he had met weren’t just boasting, he tracked down a number for the adult service.
Ian said: “I called and ordered one of these models. They came to my hotel, where I had rented a suite at a high end hotel. I wanted to see if this really worked.
“The woman came and gave me a massage, she was dressed like a million dollars, wearing all designer clothes. Wearing Versachi. They provided them with expensive clothes, high-end fashion.
“She gave me the massage and she wanted me to have sex with her. But I said I was a married man (I’m not) and I would prefer just the massage.
“When it came to paying, she said: ‘We don’t accept cash, crypto is the best way.’ I transferred her the money. The sex trade is thriving, because of crypto.”
But exploitation isn’t far away.
Ian continued: “There’s all these entrepreneurs profiting on the Ukraine war. They’re bringing these innocent girls and training them to be high end escorts.
“They’re having a field day because a lot of people want to leave Belarus, Russia and Ukraine. They have scouts in these countries, they say they’ll pay for the flights and give you a better life.
“But the truth is the agency takes a ridiculous amount and leaves the women with little.”
Ian Halperin's latest book reveals everything he learned going undercover, titled 'Crypto Boy: Inside The Success, Sex, Dirty Money, Murder & Wild World of The Blockchain'. It's available exclusively on all Amazon sites
