- 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
Bitmain Security Concerns! Warren Sends Letter to the Commerce Department, Inquiring About the Truth of Trump's Family Purchases.
Democratic Party Senator Elizabeth Warren wrote to the Department of Commerce, urging it to investigate the bitcoin mining company Bitmain’s mining rig transactions and their potential threats to national security, amid concerns that the U.S. government is conducting a security review of the company and worries about possible espionage activities. American Bitcoin, owned by the Trump family, purchased 16,000 mining rigs, and Warren questioned the conflict of interest that could influence decision-making.
MarketWhisper1h ago
Coin Center warns: The U.S. government changeover may suppress cryptocurrency.
Coin Center Executive Director Van Valkenburgh warned that if the CLARITY Act fails to pass, the U.S. government may crack down on cryptocurrency in the absence of clear rules. He emphasized that the current administration's friendly stance has no legal binding, and the lack of legislative protection will increase the legal risks faced by the industry, criticizing operators for focusing only on short-term gains. The bill is stalled in the Senate, mainly due to conflicts of interest between the banking sector and crypto companies.
MarketWhisper3h ago
The court allows the continuation of the class action lawsuit against Nvidia for concealed crypto revenue.
A U.S. court has allowed a class action lawsuit against Nvidia to proceed, focusing on allegations that the company did not fully disclose the impact of crypto mining on its revenue. This follows a previous $5.5 million fine from the SEC over similar disclosure issues. The lawsuit highlights ongoing concerns about Nvidia's revenue dependence on crypto demand, amid increasing scrutiny from regulators and investors on how tech companies present growth sources.
TapChiBitcoin3h ago
Irish police recovered 35 million USD in Bitcoin from the lost wallet of a drug dealer.
Irish police recovered approximately $35 million in Bitcoin from the lost wallet of a drug dealer, highlighting the risks of self-storing digital assets. The dealer had carelessly hidden the private key, which was eventually thrown away.
TapChiBitcoin3h ago
Gate Daily (March 30): Washington sues Kalshi prediction market; Canada plans to ban cryptocurrency political donations.
Bitcoin prices remain weak, around $66,380 on March 30. The U.S. Kalshi prediction market is facing lawsuits, and Canada plans to ban cryptocurrency political donations entirely to reduce election risks. U.S. stocks have plummeted, with significant declines in tech stocks. Concerns over war and inflation have led to investor pessimism, and future attention must be paid to U.S. stock trends.
MarketWhisper3h ago
Kalshi legal woes grow with Washington state gambling suit
Kalshi is facing another state-level lawsuit after the state of Washington on Friday filed allegations that the prediction market operator violated state gambling laws with its products.
The Washington Attorney General’s complaint cites the Pacific Northwest state’s existing ban on online gambling
Cointelegraph7h ago
