From ‘I love you’ to ‘you’re broke’: AMLBot reveals the dark side of crypto romance scams

First comes love, then comes heartbreak — followed by a drained bank account. AMLBot’s latest investigation exposes how romance scammers are tricking victims into losing everything in crypto this Valentine’s season.

Scam is in the air?

Valentine’s Day is supposed to be about love, connection, and heartfelt moments, but for many, it turns into a nightmare they never saw coming. 

With 349 million people using online dating worldwide and nearly half of U.S. adults believing it’s at least somewhat safe, scammers thrive in the shadows, turning affection into a financial weapon.

Crypto criminals exploit emotions through “pig butchering” scams, where victims are groomed with affection before being financially drained. 

The scale is staggering — between May 2021 and 2023, romance scammers stole nearly $1 billion through crypto-related fraud, with $374 million lost in 2023 alone. 

And now, with blockchain analysts predicting a surge in cases for 2025, February — the so-called month of love — also marks the peak of deception, with romance scams rising by 50%.

These scams are meticulously planned. Fraudsters create flawless profiles, build trust for weeks or months, and eventually introduce “investment opportunities” in crypto. 

Believing they’ve found love, victims unknowingly funnel their savings into fraudulent platforms. By the time they realize the truth, their money’s gone.

AMLBot, a blockchain analytics firm, has been tracking this alarming rise, exposing real cases where victims are manipulated into financial ruin. 

From promises of lifelong companionship to fabricated emergencies demanding urgent transfers, these scams leave no stone unturned. And once the funds disappear, recovery is nearly impossible.

This article will break down how these scams operate, share victims’ real stories, and explore what can be done to trace and recover stolen crypto.

How do crypto romance scams work?

Romance scammers don’t rush. It starts innocently — a “match” on a dating app, a random friend request, or a polite message from a stranger. The person seems kind, attractive, and genuinely interested.

Over time, they build a bond, mirroring their target’s interests, sharing personal stories, and sending affectionate messages for weeks or even months. 

Only after gaining emotional control do they introduce crypto investments, presenting them as exclusive, risk-free opportunities. 

By the time the victim realizes what’s happening, their money is already gone. Here’s how these scams unfold:

Fake identities & social proof

Scammers craft highly convincing online personas, often stealing photos and fabricating details to appear trustworthy. Their profiles aren’t empty; many have hundreds or even thousands of interactions to create a false sense of legitimacy.

They often pose as wealthy investors, entrepreneurs, or military personnel stationed abroad — jobs that provide convenient excuses for why they can’t meet in person.

Emotional manipulation

Once contact is made, the scammer showers the target with affection, using flattery, personal stories, and emotional bonding to gain trust. They subtly mirror the victim’s words, interests, and values, making them seem like the perfect match.

Patience is key. Scammers send daily messages, voice notes, and even video calls — sometimes deep faked or pre-recorded — to reinforce the illusion. 

By the time financial advice enters the conversation, the victim already feels a deep connection.

A ‘too good to miss’ opportunity

At first, investment talk is casual. The scammer mentions impressive returns, gradually nudging the victim to “just try a small amount” on a cryptocurrency trading platform — one they secretly control.

To manipulate the victim, they use psychological tactics like:

• Fear of Missing Out (FOMO) — “This opportunity won’t last long.”
• Fake Transparency — Sharing supposed market updates to sound knowledgeable.
• Social Proof — Claiming they’ve helped others make money.

At this stage, the victim isn’t being asked for money outright — they believe they are making a smart investment.

The pig butchering phase

As the victim sends funds, they are shown fake profits on scam trading platforms, encouraging them to invest more. The scammer might even let them withdraw a small amount at first to build confidence.

But as soon as the victim tries to withdraw a larger sum, new requirements suddenly appear:

• Fake conversion fees
• “Anti-money laundering” verification deposits
• Urgent tax payments

Every delay is a manipulation tactic to extract more money, trapping the victim in a cycle of losses.

The vanishing act

Once the scammer has drained enough funds, they disappear — blocking the victim on all platforms. 

The sudden ghosting leaves many in shock, facing both financial loss and emotional devastation. Some feel too ashamed to report the crime, believing they should have spotted the warning signs.

For those who seek help, blockchain investigators can trace stolen crypto and freeze funds before they can be laundered. But in many cases, the money has already been shuffled across multiple wallets, making recovery difficult.

Real victims, real losses

For many, the realization comes too late. The romance feels real, the connection is deep, and the future seems promising — until everything vanishes.

Dario: Scammed twice, almost a third time

Dario, a European senior citizen, thought he had found love when a woman “accidentally” messaged him online. Their chats started lighthearted but soon became personal. She showed genuine interest in his life and well-being, slowly building his trust.

Then came the investment pitch. She convinced him to invest in Pandacoins.net, a scam trading platform. At first, everything seemed legitimate — he even saw “profits” on the website. 

Encouraged, he invested more. But when he tried to withdraw, reality struck — he had been scammed out of 25 Bitcoin (BTC).

Before he could fully process the loss, another woman approached him, this time through C-M.Max, another fraudulent crypto platform. Convinced he had found someone different, he invested again — only to lose $600,000 USDT (USDT).

Determined to be more cautious, Dario reached out to AMLBot for help. But before trusting them, he asked a “friend” to visit their office and verify if they were legitimate. 

That’s when he made another shocking discovery — the “friend” was also a scammer, someone who had approached him online and was actively setting him up for yet another fraud.

As soon as AMLBot insisted on verification, the “friend” disappeared.

Later, Dario contacted AMLBot again with yet another disturbing realization. A new woman had reached out — first on Facebook, then on WhatsApp. But this time, he didn’t fall for it. He recognized the pattern.

“She’s part of the same mafia,” he told investigators.

The Canadian business owner who lost $400,000

A small business owner from Canada believed he had met a kind, affectionate woman named Aisha. She claimed to be from South Asia but living in the U.S., and over time, they formed a deep emotional connection.

Aisha didn’t ask for money outright. Instead, she built trust through daily life updates, affectionate conversations, and personal stories. She casually mentioned her investments, subtly introducing crypto trading as a way to secure their future together.

Eventually, she persuaded him to invest, promising high returns. The first transfers appeared to show profits, encouraging him to send more.

Then came the turning point. After investing $400,000 USDT, he tried to withdraw his funds — only to find his access blocked. The platform demanded additional fees to “release” his money. At that moment, Aisha vanished.

One of the last messages she sent before cutting ties? “You’re the most efficient person I have ever seen when it comes to sending money.”

Stages of fraud

Some romance scams don’t end with a single transaction. Many victims are led through multiple layers of deception, each step demanding a little more money until there’s nothing left.

Scammers use psychological pressure to justify extra payments, citing:

• Conversion costs for crypto withdrawals
• Fake tax payments to process transactions
• Anti-money laundering (AML) verification charges

Each time, the victim believes this one last payment will unlock their funds. But these fees never end — they’re just another part of the scam.

“It’s not just about the money,” says Anmol Jain, VP of Investigations at AMLBot. “Victims have invested emotionally — falling in love with someone they believed was real. Some lose their entire life savings.”

The rise of crypto romance scams has turned loneliness into a business model, exploiting human emotions to fuel financial fraud. And as scammers grow more sophisticated, the only real defense is recognizing the red flags before it’s too late.

What to do if you’ve been scammed?

If you’ve fallen victim to a crypto romance scam, taking immediate action can help prevent further losses and increase the chances of tracking your stolen funds.

Stop sending money immediately: No matter what the scammer says, any additional payments will only result in further losses. Even if they claim your funds are “almost unlocked,” it’s just another trick to extract more money.

Cut off all communication: Block the scammer on all platforms, including dating apps, WhatsApp, and social media. Do not engage further, as they may try to manipulate you into sending more.

Gather and secure all evidence: Save all chat conversations, transaction records, crypto wallet addresses, emails, and any screenshots that show the scam unfolding. This documentation will be crucial for investigations.

Report the scam to authorities: File complaints with agencies such as the FBI’s Internet Crime Complaint Center (IC3), Europol, or your local cybercrime unit. The sooner you report, the higher the chances of tracking the scammer.

Alert cryptocurrency exchanges: If you send funds to an exchange wallet, report the fraud immediately. Exchanges can sometimes flag, freeze, or block transactions before scammers withdraw the funds.

Use blockchain tracking services: Firms like AMLBot and others specialize in tracing stolen crypto through blockchain analysis. If the funds haven’t yet been laundered or mixed, there’s a small chance of recovery.

Warn others about the scam: Report the scammer on dating apps, social media, and scam-reporting platforms. Many fraudsters reuse fake profiles, and exposing them can prevent future victims.