Prosecutors Warn of Rising Crypto-Linked Romance Scams Ahead of Valentine's Day
By John Nada·Feb 13, 2026·4 min read
As Valentine's Day nears, U.S. prosecutors warn of a rise in crypto-linked romance scams, emphasizing the need for caution among potential victims.
As Valentine's Day approaches, U.S. prosecutors are sounding the alarm on a troubling surge in romance scams tied to cryptocurrency fraud. The U.S. Attorney’s Office for the Northern District of Ohio cautioned that scammers are increasingly using online relationships to manipulate victims into making crypto payments or investments, often after weeks or months of trust-building.
These scams often employ tactics associated with 'pig butchering,' where emotional manipulation meets fake investment platforms. Analysts emphasize that the slow, trust-based approach of these schemes makes them particularly insidious. Red flags include requests to shift conversations to encrypted messaging apps like WhatsApp or Telegram, early expressions of affection, and demands for payment via crypto or gift cards. Balazs Faluvegi, a senior analyst at BrokerChooser, highlighted the deceptive nature of these schemes.
Unlike traditional scams that operate quickly, these frauds exploit emotional vulnerabilities over an extended period, presenting attractive investment opportunities only after establishing trust. Victims often report being able to withdraw small amounts initially, which lures them into investing more substantial sums, only to face obstacles when attempting larger withdrawals. The Justice Department has taken significant steps against these scams, including a record seizure of $225 million in Tether's USDT stablecoin linked to pig butchering fraud. This fraud scheme has roots in organized crime networks operating out of Southeast Asia, particularly in Myanmar and Cambodia, where stolen crypto is laundered through shell accounts and luxury assets.
Recent actions by the DOJ to shut down domains associated with these operations underscore the seriousness of the issue. Prosecutors warn that the financial implications are severe, as these scams have evolved into a multibillion-dollar global industry. The intersection of crypto and organized crime not only threatens individual investors but poses broader risks to the integrity of financial systems. The rapid movement of funds through specialized channels complicates law enforcement efforts and fuels a cycle of crime that undermines trust in both traditional and digital financial systems.
Potential victims are urged to conduct thorough research before investing, emphasizing the importance of verifying licensing, regulation, and independent reviews of trading platforms. As the prevalence of these scams grows, so does the need for enhanced awareness and preventive measures among potential investors. The rise of crypto-linked romance scams ahead of Valentine’s Day reveals the darker side of online relationships in the digital age. With emotional manipulation at play, the financial system faces challenges that extend beyond individual losses, impacting market trust and regulatory scrutiny.
This underscores a critical need for vigilance and education in the ever-evolving landscape of cryptocurrency investments. As U.S. officials highlight, Valentine's Day may be peak season not just for flowers and dating apps, but for romance scams increasingly tied to crypto fraud and organized crime networks. The U.S.
Attorney’s Office for the Northern District of Ohio has made it clear that these scammers are adept at exploiting the emotional vulnerabilities of individuals seeking love or companionship online. In a notable example, a San Jose widow, Margaret Loke, lost nearly $1 million in a crypto pig-butchering scam. After initially believing the investment to be legitimate, Loke confirmed the fraud with the help of ChatGPT, indicating that many victims may only realize the deception after significant losses. This illustrates the potential for devastating financial impact on unsuspecting individuals who fall prey to these schemes.
Faluvegi points out that the tactics employed by scammers often include cold outreach, wherein they initiate contact with potential victims and gradually build rapport over weeks or even months. They often present themselves as successful investors, offering to share their strategies and successes, which can make their offers appear enticingly legitimate. Once trust is established, victims are directed towards bogus crypto investments on fake platforms that showcase inflated returns. Scammers often allow small initial withdrawals to create a false sense of security, leading victims to invest larger sums.
When victims attempt to withdraw larger amounts, they are met with fabricated obstacles such as taxes, fees, or system errors, effectively blocking access to their funds and leaving them stranded. The global scale of these scams is alarming. Research indicates that organized crime networks, particularly in Southeast Asia, have transformed pig-butchering into a multibillion-dollar enterprise. These operations are often run by trafficked laborers within compounds in Myanmar and Cambodia, with stolen cryptocurrency laundered through specialized channels into shell accounts and luxury assets across Southeast Asian financial hubs, making it difficult for authorities to trace the funds.
The Department of Justice (DOJ) has ramped up efforts to combat this rising tide of fraud, moving to seize substantial amounts of cryptocurrency linked to these scams. The largest crypto forfeiture ever tied to pig butchering fraud, amounting to $225 million in Tether's USDT stablecoin, serves as a testament to the scale of the issue and the government's commitment to tackling it.