- 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
SEC Leadership Infighting Exposed: Enforcement Chief Resigns Over Trump-Related Cases, Crypto Regulation Direction Shifts
Former US SEC Enforcement Chief Margaret Ryan resigned on March 16 following disagreements with senior leadership over the handling of sensitive cases, with the controversy centered on matters involving individuals connected to Trump. Ryan had pushed for more stringent fraud charges but faced opposition, leading to internal tensions. This incident highlights intensifying policy divisions within the SEC regarding enforcement in the crypto space, with future regulatory direction remaining uncertain.
GateNews14m ago
Regulatory Upgrade Impacts Prediction Markets, Kalshi and Polymarket Strengthen Insider Trading Control Mechanisms
As regulatory pressure from the U.S. Congress increases, prediction market platforms Kalshi and Polymarket are strengthening controls on insider trading and market manipulation, advancing their compliance efforts. Kalshi has introduced new screening mechanisms to prohibit candidates and athletes from participating in related trading; Polymarket has updated its violation definitions and enhanced compliance infrastructure. Against a backdrop of tightening regulation, both platforms maintain market dominance, with future compliance capabilities becoming a key competitive differentiator.
GateNews19m ago
Balancer Gradually Ceasing Operations! Earned Zero Revenue After Million Dollar Hack, Facing Legal Risks
DeFi protocol Balancer is gradually shutting down operations following a million hack, citing lack of sustainable revenue and legal risks. The future will be maintained by the DAO. Founders will exit, and the restructuring plan will halt token issuance, highlighting the challenges of the old model.
CryptoCity23m ago
Cryptocurrency Payments Become Information Infiltration Tool: Soldier Sells Israeli "Iron Dome" Secrets for 1000 USD
Israeli reserve soldier Raz Cohen was charged with leaking "Iron Dome" air defense system secrets to Iran in exchange for 1,000 US dollars in cryptocurrency. Cohen transmitted 27 critical documents in a short period, including system operations and base locations, revealing vulnerabilities and risks in current intelligence penetration, and highlighting the role of social media and cryptocurrency payments in criminal activities.
MarketWhisper25m ago
‘Hawk Tuah’ girl Haliey Welch says memecoin implosion ‘traumatized’ her
Haliey Welch, the social media influencer, popularly known as the “Hawk Tuah girl,” said that the implosion of the “HAWK” memecoin, which she promoted in 2024, and the ensuing social backlash “traumatized” her.
“I got talked into doing something that I didn't know anything about, really, but
Cointelegraph36m ago
