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Crypto romance scams and “pig butchering”

How online “friends” and matches lure people into fake crypto trading platforms, and what to do if you’ve invested.

“Pig butchering” is a scam where a stranger builds a friendship or romance over weeks or months, then introduces a cryptocurrency or trading “opportunity”. Early small “profits” on a fake platform build trust before victims are encouraged to invest much more. Withdrawals are then blocked or require “taxes” or “fees”.

How big is it?

The FBI’s IC3 received 47,919 investment fraud complaints in 2024 with losses over US$6.5 billion, of which over US$5.8 billion involved cryptocurrency investments (FBI IC3 2024). Confidence/romance fraud losses reported to IC3 reached US$929M in 2025 (FBI IC3 2025). Through Operation Level Up, the FBI proactively contacts people being targeted, many of whom don’t know they’re being scammed (FBI).

Warning signs

  • A wrong-number text or friendly message that turns into daily chat.
  • They’re wealthy from crypto and offer to teach you.
  • They send you to a specific app or website you’ve never heard of, or ask you to buy crypto and transfer it.
  • Your “balance” grows fast but you have to pay a fee or tax to withdraw.
  • Pressure: “this window closes tonight”.

If you’ve invested

  1. Stop sending money, including any “withdrawal fees”.
  2. Contact your bank and the exchange you used.
  3. Save wallet addresses, transaction IDs and chats.
  4. Report to IC3, the FTC, Scamwatch/ReportCyber, Action Fraud or Netsafe.
  5. Beware “recovery” services promising to get crypto back: they are a common second scam.

Not sure about someone?

Take the free 10-question red-flag check, or get an AI-powered Romance Scam Check for US$29.

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General information only, not legal or financial advice. ImposterWatch is operated by Cloud Investments FZE (UAE) and is not a background check or private investigator service.