‘Cupid doesn’t ask for crypto’: DOJ warns of romance scams as Valentine’s Day nears

The U.S. Attorney’s Office for the Northern District of Ohio issued a Valentine's Day warning regarding romance scams that leverage cryptocurrency payments and fake investment schemes. Criminals build online relationships via dating sites and social media, then request money for fabricated emergencies or crypto investment opportunities. U.S. Attorney David M. Toepfer advised the public to slow down, verify identities, and avoid sending funds to people they haven't met in person. Scammers often use stolen photos, claim to work overseas, and quickly move conversations to private apps before asking for crypto, gift cards, or wire transfers. Victims should stop communication, save records, and report incidents to the FBI’s Internet Crime Complaint Center. The warning highlights the rise of romance-investment hybrids, known as "pig butchering" scams, which accounted for over $1 billion in losses reported to the FTC in one year. Chainalysis data shows that funds lost to pig butchering scams rose nearly 40% in 2024, with law enforcement increasingly coordinating with crypto firms to freeze illicit funds.

(Source：The Block)