- 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
Polymarket tightens rules to curb manipulation, insider trading risks
Prediction platform Polymarket has updated its market integrity rules to align more closely with regulatory standards and expand its presence as a regulated trading platform amid growing scrutiny of manipulation and insider trading risks.
In a Monday announcement, the company outlined updated rules
Cointelegraph17m ago
Gate Daily Report (March 24): MicroStrategy Raises $4.41 Billion to Accelerate Bitcoin Purchases; SEC Submits Cryptocurrency Regulatory Proposal to White House
Bitcoin has recently rebounded to approximately $70,600, while MicroStrategy has expanded its ATM financing scale and increased its bitcoin holdings. The U.S. SEC has submitted a new proposal involving digital asset regulation and disclosure rules. Stock indices in the U.S. market have generally risen, with oil prices affected by the U.S.-Iran situation. Overall market sentiment appears to be cautiously observant.
MarketWhisper20m ago
Samourai Wallet Domain Taken Over by Scammers After FBI Seizure, Used to Build Phishing Website
Bitcoin privacy wallet Samourai Wallet's official domain was seized by the FBI and subsequently taken over by scammers, who are now using it to set up phishing websites to lure users into downloading malware. The domain registrar is NameCheap, and users have complained without receiving a response. Samourai Wallet launched in 2015 and was prosecuted by the U.S. Department of Justice for alleged money laundering.
GateNews35m ago
Spain arrests suspect in 2025 kidnapping of Ledger co-founder
Spanish authorities have arrested a suspect in the 2025 kidnapping of Ledger co-founder David Balland, marking a cross-border breakthrough in one of Europe’s most high-profile crypto-linked abduction cases.
Spain’s Civil Guard said the suspect was detained in Benalmádena, in the southern province o
Cointelegraph37m ago
Polymarket Tightens Rules Across the Board, Insider Trading Concerns Force Regulatory Upgrade
Prediction trading platform Polymarket announced updates to its market integrity rules to enhance market design standards, settlement clarity, and suspicious trading monitoring, in response to regulatory criticism. In a recent incident, six new accounts made accurate bets on a U.S.-Iran war event, raising insider trading concerns. This update aims to strengthen compliance and advance the legalization process for prediction markets.
MarketWhisper39m ago
Sam Bankman-Fried Suspected of Forging "Mysterious Letter," Retrial Prospects Shift
FTX founder Sam Bankman-Fried's retrial request has faced a new obstacle, particularly due to a suspicious letter that has raised prosecutors' questions about its authenticity. The judge has required him to submit an affidavit by April 15 clarifying the document's source and whether any attorneys were involved. This incident has intensified scrutiny of the legal proceedings and could delay the retrial process.
MarketWhisper45m ago
