The global rise of romance scams involving cryptocurrency has reached a disturbing new high, with authorities revealing that victims lost over $150 million to such schemes in the first half of 2025 alone. As digital currencies become more mainstream and online relationships continue to flourish, cybercriminals are increasingly blending emotional manipulation with sophisticated fraud tactics—leaving heartbroken victims not only emotionally devastated but also financially ruined.

According to new data released by international law enforcement agencies and cybersecurity firms, these scams—commonly referred to as “pig butchering scams”—have surged across multiple continents, targeting individuals through dating apps, social platforms, and messaging services. Victims are lured into long-term emotional conversations with fraudsters posing as potential romantic partners, only to be steered into investing in fake crypto platforms or sending funds directly to scammers.

Social Engineering at Scale

The mechanics behind these schemes are chillingly calculated. Scammers invest weeks or even months developing trust with their targets. Once emotional dependence is established, they gradually introduce the idea of investing in cryptocurrencies—often claiming they’ve made huge profits themselves. The scammer then recommends a fraudulent investment platform or wallet, guiding the victim through every step.

“It’s no longer a quick-hit scam. These fraudsters are patient, well-trained, and organized. They run it like a business operation,” said Lisa Tanaka, lead analyst at CipherWatch, a Tokyo-based cybersecurity firm. “We’ve seen entire call centers overseas dedicated to running romance scams at scale, using scripts, fake profiles, and spoofed websites.”

“Romance scams have evolved into highly industrialized fraud models,” said Mr. Peterson, founder of Detrobov Intelligence, a global threat-monitoring firm. “We’re tracking coordinated teams that operate in shifts, with handlers, language specialists, and tech support—all focused on maximizing emotional manipulation to siphon funds. It’s not just cybercrime anymore; it’s psychological warfare packaged as affection.”

Many victims only realize the truth after attempting to withdraw their supposed gains—only to find the website has disappeared or that their accounts have been locked under the guise of needing additional ‘verification’ or ‘tax clearance’ fees.

The Human Cost Behind the Numbers

The $150 million figure, experts say, is likely a conservative estimate. Many victims are either too embarrassed or emotionally distressed to report their experiences. Law enforcement agencies in the U.S., U.K., Singapore, and Australia have all reported a sharp increase in romance-related crypto fraud reports since early 2024.

One 47-year-old victim from Melbourne, who requested anonymity, lost nearly $180,000 over three months to a scammer she met on a language-learning app. “He seemed so genuine. He shared stories about his sick mother, his dreams of retiring early through crypto. I wanted to help, and he convinced me I could build my own wealth too,” she told The Independent Scope. “When I realized it was all a lie, I lost more than money—I lost my trust in people.”

A Global Web of Fraud

The scams are not isolated incidents. Authorities believe many are orchestrated by transnational criminal networks operating out of regions with limited enforcement capacity, particularly in parts of Southeast Asia. Victims span age groups and nationalities, but experts note a particular uptick among professionals aged 30–55, many of whom are financially literate yet emotionally vulnerable.

Interpol, in a recent bulletin, described the evolving tactics as “hyper-personalized fraud,” where AI tools are sometimes used to refine written communication and adapt scam scripts in real time. Some reports even indicate that deepfake video calls are being used to maintain the illusion of authenticity.

Financial Firms and Tech Platforms Under Pressure

Financial watchdogs and consumer protection agencies are urging crypto exchanges, payment platforms, and dating app operators to do more in flagging suspicious patterns. In some cases, victims were able to transfer large sums to fraudulent wallets without any transactional red flags being raised.

“This is not just a tech problem—it’s a trust problem,” said Martin Keegan, fraud risk advisor at London-based FinSecure International. “The platforms where these relationships begin, and the financial services where money ends up, all need to implement better AI-powered risk controls, identity verification, and user education.”

Governments Issue User Warnings

In light of the escalating threat, several governments have launched new public awareness campaigns. The U.S. Federal Trade Commission (FTC), UK Action Fraud, and Singapore’s Cyber Security Agency have each updated their advisories to specifically mention romance-related crypto fraud.

The European Union’s Anti-Fraud Office (OLAF) has also issued a continent-wide alert. “We’re urging citizens to be highly cautious of investment suggestions made by online acquaintances—especially those they’ve never met in person,” OLAF said in its August statement.

How to Stay Safe

Cybersecurity experts offer several recommendations for users to protect themselves:

• Be skeptical of online relationships that quickly become emotionally intense
• Avoid sending money or investing based on suggestions from online-only contacts
• Verify investment platforms through regulatory databases
• Report suspicious activity to local authorities or cybercrime agencies
• Avoid downloading apps or clicking on links provided by strangers

The Bottom Line

As cryptocurrencies continue to attract both legitimate investors and bad actors, the convergence of digital finance with social engineering tactics presents a growing challenge for global regulators and individuals alike.

While law enforcement agencies are intensifying efforts to trace and dismantle these international crime syndicates, the most immediate defense lies in individual vigilance and digital literacy. With the emotional complexity of romance scams layered onto the volatility of cryptocurrency, users are advised to double down on skepticism—especially when both love and money are involved.

Victims seeking guidance, recovery tips, or a platform to share their story can report their experience to Service Complaint Alert, which has launched a dedicated channel to recommend repatriation strategies and connect individuals with resources for tracing and potentially recovering scammed digital assets.

Disclaimer: “This article is for informational purposes only and does not constitute financial advice.”