In the modern dating world, the phrase “swipe right” usually carries the hope of a connection, a coffee date, even a lifelong partner. However, as we’ve warned a number of times throughout the years, a more sinister trend has emerged where the “perfect match” isn’t looking for love—they’re looking for your life savings.
While early iterations of romance scams involved gaining the victim’s trust before eventually asking them for money for some urgent [and entirely fabricated] reason – such as covering medical bills or helping them pay for a flight – the 2026 iteration of this fraud has leaned more into the volatile world of cryptocurrency and fake “investment opportunities”.
These newer permutations of romance scams are given the rather unflattering label of “Pig Butchering scams” (or Sha Zhu Pan) – a name that reflects the cold, calculated nature of the crime: fattening up the victim’s trust before the “slaughter.”
The scams typically start like most other romance scams. A comment on a post or reply you’ve made on social media. An unexpected friend request. An “accidental” wrong number text message. Being matching on online dating websites.
And, again much like your typical romance scam, the scammer takes the victim on a journey of scripted whirlwind romance, practised charm and empty promises of meeting up soon. All interjected with stolen or AI-generated photos of themselves and their lives.
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Once the victim is emotionally invested, the scammer subtly introduces their “side hustle”. They don’t ask for money directly – that’s a red flag that we (and so many others) have been warning about for years. Instead, they share screenshots of their own supposed investment gains. They might mention a “wealthy uncle” with insider knowledge or a “proprietary trading bot” that never loses.
The psychology here is both brilliant and brutal. By appearing wealthy themselves, they lower the victim’s guard. They aren’t a beggar; they are a mentor. Eventually, the victim—driven by a mix of envy, desire and the fear of missing out on an opportunity that could change their lives, asks, “Can you show me how to do that?”
The scammer here is peddling unregulated and scammy investment platforms that promise to yield large returns on an investment, largely involving the term “cryptocurrency” that most of us have heard of but so few have anything more than just a cursory understanding of. It’s enough to sound intriguing and genuine. The scammer directs the victim to a professional-looking cryptocurrency exchange or app. To the untrained eye, these platforms look identical to legitimate sites like Coinbase or Binance, complete with real-time charts and customer service portals.
But the reality is that the Internet is bustling with scam platforms masquerading as genuine investment opportunities. Platforms that, once you deposit your money into them, you’re almost certainly never going to see it again. Of course, it is these platforms that the romance scammer is luring their victims towards. They either own the platforms or receive a commission each time they send someone there. Either way, the scammer makes money, the victim loses it.
To seal the deal, the scammer will often let the victim withdraw a small amount of “profit” early on. This small win creates a dopamine hit and a false sense of security, leading the victim to invest tens or hundreds of thousands of dollars.
The scam reaches its “butchering” phase when the victim tries to withdraw a significant sum. Suddenly, the platform’s “customer service” (yes, that’s also the scammer) claims the account is frozen due to suspected money laundering or tax issues.
The victim is told they must pay a 20% “tax” or “security fee” upfront to release the funds. Desperate to get their money back, many victims pay this fee, only to be hit with another excuse, and then another. Once the victim is drained of every cent, the “lover” vanishes. Profiles are deleted, the website goes offline, and the money—shuffled through various “tumblers” on the crypto blockchain—is virtually untraceable.
As with most romance scams, because the initial contact and grooming stages are largely the same, most of the red flags to watch out for with these cryptocurrency iterations are the same with other romance scams. To protect your heart and your hardware wallet, look out for these warning signs:
No In-Person Meetings: As with any romantic scam, the scammers will rarely want to meet face to face, and will churn up any number of excuses as to why they can’t meet in person. Don’t be fooled by photos or videos “proving” they exist. These are often stolen, or, in more recent times, generated by AI.
Whirlwind Romance: The crooks understand they need to gain a victim’s trust over time, but they usually don’t usually want to wait months or years for their endgame. Watch out for scammers that ramp up the romantic talk quickly, often claiming they’re “in love” with the victim after only a few days or weeks.
The “Golden” Pivot: Any romantic interest who brings up crypto, “inside tips,” or “guaranteed returns” within the first few weeks of talking.
Unknown Platforms: They insist you use a specific, obscure trading app or website rather than a major, regulated exchange.
Urgency and Secrecy: They encourage you to keep your “investing” a secret from friends and family to “surprise them” later.
The fusion of emotional manipulation and financial technology has made romance baiting one of the most devastating crimes of the digital age. It leaves victims not only financially ruined but emotionally shattered, grieving a person who never existed.
The recent surge in romance cryptocurrency scams merge two different scams – romance scams and cryptocurrency scams – together. But the rule of thumb here is the same as it was when each of these scams took off many years ago. Don’t trust strangers you meet on the Internet but have not met in real life, don’t send them any money, and don’t trust in any “investment” opportunities that involve you parting you with own money.