- 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
Former chairman of Huìwan, Li Xiong, has been extradited! China is investigating a $4 billion money-laundering network involving scam compounds in Southeast Asia.
Li Xiong was extradited back to China from Cambodia, involving a cross-border money laundering case tied to the $4 billion Weiwang Group. The case has exposed the links between the Southeast Asian scam industry chain and crypto funds. Experts noted that the group, as a scam infrastructure provider, supports online scams and the movement of funds. Despite intensified international crackdown efforts, the money-laundering network remains highly adaptable, making it extremely difficult to trace.
CryptoCity43m ago
Polymarket betting on the 2026 nine-in-one election: 2 Taiwanese people were arrested! The investigators used by tracing the flow of funds to identify them
Taiwanese investigators and prosecutors cracked the first Polymarket cryptocurrency election betting case, arresting two bettors. Because they admitted their wrongdoing, they were granted deferred prosecution, and authorities reminded the public not to place illegal bets. The case shows that identity can be verified through tracing the flow of funds, emphasizes the Election and Recall Law’s provisions and potential criminal liability, and calls on the public to comply with the law.
CryptoCity1h ago
Russian crypto regulation is tightening across the board! Blocking overseas platforms + bank monopolization—can $15 billion of funds make their way back?
In 2026, Russia will accelerate cryptocurrency regulatory reforms to address fiscal pressure. It plans to ban citizens from trading on platforms without local authorization and to strengthen taxation on licensed entities. Regulators intend to restrict access to overseas platforms through technical means, but industry insiders are cautious about the policy’s fiscal impact.
GateNews2h ago
Huione money laundering network core figure arrested; amount involved exceeds $89 billion. Crypto criminal enterprise hit hard again
Chinese police have escorted back to China the key figure Li Xiong, who is alleged to have led the Huione criminal network from Cambodia and faces charges including fraud and money laundering. The network is linked to a global illegal online trading system, which has handled more than $89 billion in crypto assets. Although the core members were arrested, the Huione system is still operating using new methods, reflecting the complexity of laundering crypto assets and the challenges faced by global regulation.
GateNews2h ago
Former FTX head of engineering fined $3.7M to resolve CFTC lawsuit
Nishad Singh, the former head of engineering at FTX, will pay $3.7 million to resolve his case with the US commodities regulator over his alleged role in the collapse of the crypto exchange and the misappropriation of user funds.
As part of the supplemental consent order, Singh will be required to
Cointelegraph2h ago
The Executive Yuan will approve the Virtual Asset Act today! Draft amendments: stablecoin issuers are banned from paying interest, revenue
The Executive Yuan will finalize today the draft of the “Virtual Asset Services Act.” In the stablecoin’s early stage, it will be limited to bank issuance only and will prohibit the payment of interest; those who issue without authorization may face a maximum fine of 100 million yuan. The new bill is intended to improve the virtual asset regulatory framework, attract talent, and mitigate risks. Industry players are concerned that offshore platforms could affect competition, especially amid doubts about China-based affiliations.
CryptoCity2h ago
