- Valentine’s season brings a surge in romance scams pushing fake crypto investments.
- Scammers build trust, show fake gains, then lock funds and vanish.
U.S. federal prosecutors are warning U.S. citizens ahead of Valentine’s Day, which has become the key period for romance-related cryptocurrency frauds, which end with victims losing millions of dollars through cryptocurrency. Authorities say these fraud activities take place through mixing emotions with fake investment online opportunities, commonly known as the “pig butchering” method
How Pig Butchering Scams Work
Authorities say these types of fraud are done slowly and calculatedly. Scammers typically start contacting the victim through dating apps or social media. They act as caring and build trust for weeks or even months, and then introduce a crypto investment opportunity, which is a fake trading website. Scammers allow even a small amount initially to make the website real, and then they make the victims invest large amounts. Once they invested the money, the scammer would disappear by taking the whole amount from the victim.
Official warns victims
Officials warn the victims that they should be suspicious if someone starts chatting on WhatsApp and pushes to request a payment in crypto by building trust. U.S. authorities say that these scams are linked to organized crime groups that run in Southeast Asia. According to the investigators, stolen crypto is rapidly moved through exchanges, and funds are cleaned through shell companies, which are later converted into properties or hidden accounts and are extremely difficult to recover
Last year, the U.S. Department of Justice seized around $225 million in Tether (USDT), which is connected to these pig butchering scams, which is one of the largest crypto fraud recoveries ever attempted. Experts say that these victims are manipulated through emotion, and they feel they are learning from a mentor and building the future. So they advise staying safe, and before sending the money through crypto, they should research the company and check if it is licensed with good independent reviews
Law enforcement sees pig butchering scams as one of the largest growing financial crimes in crypto history. Right now, it has evolved into organized operations, professional call centers, and international laundering networks.
Highlighted Crypto News:
U.S. Spot Bitcoin ETFs End Three-Day Inflow Streak with $276M Outflows
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Argentina Orders Polymarket Blockade, Accurate Inflation Predictions Suspected of Insider Trading
Argentina has blocked the prediction market platform Polymarket, citing unusual market reversals that occurred before official inflation data releases, which raised insider trading concerns. A court ordered internet service providers to execute the block, bringing the number of countries restricting the platform to over 30. The legal basis for the block involves consumer protection and gambling regulation issues.
MarketWhisper28m ago
Adam Iza Crypto Godfather Conspiracy Case Finalized! Deputy Sheriff Sentenced to 63 Months
Former U.S. police officer Coburg has been sentenced to 63 months in prison for conspiracy with cryptocurrency entrepreneur Adam Iza. He accepted bribes of 20,000 dollars while in office and participated in extortion and false arrests. Iza faces multiple charges including defrauding tens of millions of dollars and alleged involvement in violent crimes. The case demonstrates the impact of law enforcement corruption on cryptocurrency crime.
MarketWhisper48m ago
October Crypto Market Crash Leaves Deep Scars, BlockFills Files for Bankruptcy Restructuring
Well-known cryptocurrency broker BlockFills suspended customer withdrawals in February due to the cryptocurrency market crash and filed for Chapter 11 reorganization with the Delaware bankruptcy court. The company's liabilities range between $100 million and $500 million, with major creditors including SBI VC Trade and Nexo Capital. BlockFills hopes to preserve enterprise value and enhance stakeholder returns through supervised reorganization.
ChainNewsAbmedia1h ago
US Sheriff Involved in Crypto Extortion Case: Impersonated Law Enforcement Authority to Extort Rival, Sentenced to 63 Months
The U.S. Department of Justice has disclosed that Koberger, a former Los Angeles County deputy sheriff, has been sentenced to 63 months in prison for participating in cryptocurrency extortion and false law enforcement. The case involves abuse of police authority and commercial extortion, reflecting the risk of law enforcement personnel engaging in crimes related to the crypto industry. Related personnel remain under review.
GateNews2h ago
Polymarket Iran Missile Prediction Sparks Journalist Death Threats, Platform Bans Users Behind Reports
Decentralized prediction market platform Polymarket has blocked multiple bettors due to death threats issued against journalist Fabian. The incident stemmed from a report about Iranian missile strikes. The threatened journalist stated that people attempted to pressure him into modifying the report to influence betting outcomes. The incident has sparked discussions about prediction market regulation, highlighting potential threats to press independence and professional ethics.
MarketWhisper2h ago
South Korea Police Agency Sets First-Ever Dark Coin Management Guidelines, Virtual Assets Compressed by Approximately 54.5 Billion Korean Won Over Past 5 Years
Korea's National Police Agency completes draft virtual asset management directive, first time including dark coin management and clarifying software wallet solutions. Over the past 5 years, virtual assets worth approximately 54.5 billion won have been seized, with police planning to select private custodian institutions. Experts recommend establishing a government-led custody system.
GateNews2h ago
