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Scam Awareness

Romance Scams and Cryptocurrency

How online relationships are used to win trust, the cryptocurrency “investment” twist, and how to help someone you care about.

By Crypto Life ChurchPublished 7 min read

Romance scams take advantage of something good: our desire for connection. A scammer creates a fake identity, builds a relationship over weeks or months, and then uses that trust to take money.

In recent years, many of these scams have added a cryptocurrency twist. Instead of asking for money outright, the scammer offers to help the victim “invest” in crypto. This article explains how these scams work, the warning signs, and how to help someone who may be caught in one.

Key takeaways

  • These scams don't only start on dating sites. They can begin as a friendship, a business conversation, or a wrong-number text.
  • Never send money to someone you have only met online or by phone.
  • If an online love interest or new friend brings up cryptocurrency investing, treat it as a warning sign.
  • Profits shown on an app or website can be fake, and a professional-looking site proves nothing.
  • A video call or voice message is not proof of who someone is. Both can be faked with AI.
  • Report romance scams to ic3.gov and ReportFraud.ftc.gov.

How a romance scam works

The FBI describes a romance scam as one in which a criminal uses a fake online identity to gain a victim's affection and trust, then uses the illusion of a relationship to manipulate or steal from them (FBI: Romance Scams (opens in a new tab)). Most follow a similar path:

  1. 1First contact. A message arrives through a dating app, social media, a professional networking site, a messaging app, or a text that seems to be sent to the wrong number.
  2. 2Building trust. The person is attentive and kind. They message often, share personal stories, and may talk about faith, family, or a future together.
  3. 3A reason they can't meet. According to the FTC, scammers often say they are in the military, working overseas, or on an oil rig, or they make plans to meet and then keep canceling.
  4. 4The request. Eventually the conversation turns to money: an emergency, travel costs, or an “opportunity” to invest together.

Despite the name, these scams don't always involve romance, and they don't only start on dating websites. The FBI warns that criminals find victims through dating apps, social media platforms, professional networking sites, and encrypted messaging apps (FBI/IC3 (opens in a new tab)). The first message might look like an ordinary new friendship, a business or networking conversation, a comment on a social media post, or an unexpected text. The relationship may stay friendly and never become romantic at all.

The cryptocurrency twist

In the crypto version, the new friend may say they have become successful by trading cryptocurrency and want to share the secret. They guide the victim to a website or app that looks like a real trading platform.

These fake platforms can be very convincing. The FBI's IC3 describes fraudulent investment sites with a website name that closely mimics, or “spoofs,” a legitimate site, a professional-looking design, and even a customer support portal (FBI/IC3 (opens in a new tab)). Scammers may copy the look and name of well-known real exchanges, such as Coinbase or Kraken, with a web address that differs by only a letter or two. A polished website, an app, or a helpful “support team” does not prove a platform is legitimate. If you use an exchange, type its address yourself or download its app from an official app store, rather than following a link someone sent you.

At first, everything seems to work. The account shows growing profits. The victim may even be allowed to withdraw a small amount to build confidence. Encouraged, they send more, sometimes including retirement savings or borrowed money.

The problem is that the “platform” belongs to the scammers. The balance on the screen is just a number they control. When the victim tries to withdraw a larger amount, they are told to pay taxes, fees, or a “release charge” first. Those payments disappear too. The FTC's warning applies here as well: “Only scammers will guarantee profits or big returns.” (opens in a new tab)

Warning signs

  • The relationship moves quickly, with strong feelings expressed early.
  • They can't or won't meet in person. Some scammers do agree to short video calls, so a video call alone doesn't rule out a scam.
  • They ask you to move the conversation to a private messaging app.
  • They bring up cryptocurrency, trading, or a special investment opportunity.
  • They tell you how to pay. The FTC warns that romance scammers often ask for cryptocurrency, gift cards, wire transfers, or payment apps.
  • They ask you to keep the relationship or the investment secret.
  • Withdrawing money requires paying taxes or fees first.

How to protect yourself

  • Never send money to anyone you have only communicated with online or by phone. This is the FBI's own advice.
  • Check their photos. The FTC and FBI both suggest searching a person's profile photo online. If the same picture appears under a different name, it is a scam.
  • Talk to someone you trust. The FTC advises cutting off contact and talking to someone you trust if you suspect a scam. Ask a family member or friend whether they share your concern.
  • Don't treat a video call or voice message as proof. The FBI has warned that criminals use AI to create videos for private communications to “prove” an online contact is a real person, and AI-generated audio to impersonate people (FBI/IC3 (opens in a new tab)). Seeing or hearing someone is not the same as knowing who they are.
  • Keep investing separate from relationships. Any investment advice from someone you met online should be treated as a warning sign, no matter how close you feel.

Helping someone you love

If you think a family member or fellow community member is caught in a romance scam, be gentle. They may feel genuine affection for the scammer and may defend them at first. Criticism can push them away and closer to the scammer.

Try asking questions instead: Have you met in person? Have they ever asked for money or talked about investing? Have you been able to withdraw all of your money? Offer to look at the “investment” website together. Most of all, let them know that being deceived is not their fault, and that you are there to help.

What to do next

If you suspect a romance scam, stop all contact and report the profile to the dating app, social media platform, or messaging service. Don't send any more money, even if you are told it will unlock your account.

If you have already sent cryptocurrency:

  1. 1Contact the exchange or ATM operator right away. The FTC advises telling the company you used that the transaction was fraudulent and asking them to reverse it (opens in a new tab). Ask whether anything can be recovered. Use contact details from the company's official website, never from the scammer or their “platform.”
  2. 2Report the transaction. File reports with the FBI at ic3.gov (opens in a new tab) and the FTC at ReportFraud.ftc.gov (opens in a new tab). The FBI says the most useful transaction details (opens in a new tab) are the cryptocurrency address you sent to, the amount and type of cryptocurrency, the date and time, and the transaction ID.
  3. 3Don't pay to get your money back. Never pay “taxes” or “fees” to a platform to release your funds. Be ready for recovery scammers, too: people posing as investigators, attorneys, or recovery specialists may contact you, sometimes claiming to work with the FBI, and ask for payment up front. The FBI has warned about fictitious law firms (opens in a new tab) and scammers impersonating the IC3 (opens in a new tab). As the FTC puts it, “Government agencies and legitimate organizations will never ask for money to help you get a refund.” (opens in a new tab)

Our article What to Do If You've Been Scammed walks through every step, including protecting your accounts and identity.

Official sources

The facts in this article come from these official resources.

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This article is general education, not legal, financial, or tax advice. Stories marked “Illustrative example” are composite scenarios written to show how scams work; they are not real cases.

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