Romance Crypto Scams

A romance crypto scam — sometimes called "pig butchering" — is a long-term fraud in which an attacker builds a close personal relationship with a victim, often romantic in nature, before introducing a fraudulent cryptocurrency investment opportunity.

Unlike scams that rely on urgency and panic, romance scams rely on patience and trust. The attacker may spend weeks or months establishing a genuine-feeling connection, learning about your life, your finances, and your vulnerabilities, before making their move. By the time the investment opportunity is introduced, the victim is emotionally invested and far less likely to question what they're being asked to do. Many victims lose their entire savings, retirement funds, or take on significant debt before realising what has happened.

Stage 1 — First Contact. The attacker reaches out through a dating app, social media platform, or messaging app — sometimes claiming to have messaged you by mistake. They appear attractive, successful, and immediately engaging.

Stage 2 — Building the Relationship. Over days or weeks, the attacker invests significant time building trust. They're attentive, consistent, and emotionally available. A genuine sense of intimacy develops.

Stage 3 — Introducing Crypto. Once trust is established, the attacker casually mentions cryptocurrency — framing it as something they've had personal success with and offering to show you how it works.

Stage 4 — Small Wins. You're encouraged to make a small initial investment. The platform shows impressive returns quickly. You may even be allowed to withdraw a small amount to build confidence.

Stage 5 — Escalation. You're encouraged to invest more. The attacker may invest alongside you to reinforce trust. Returns continue to look impressive on the dashboard.

Stage 6 — The Trap. When you attempt to withdraw a significant amount, you're told you must pay taxes, fees, or reach a minimum threshold first. No matter how much you pay, the withdrawal never comes. Eventually the attacker and the platform disappear entirely.

Dating App Scams — Fake profiles on legitimate dating platforms establish romantic connections before introducing fraudulent investment opportunities.

Social Media Scams — Fake profiles on Instagram, Facebook, or LinkedIn initiate contact and gradually steer conversations toward crypto.

Wrong Number Scams — The attacker contacts you claiming to have the wrong number, then builds a connection before introducing the investment.

Friendship Scams — Not all romance scams are romantic. Some build close friendships or professional mentorships before introducing crypto opportunities.

Group Investment Scams — You're invited into a group chat where others appear to be making impressive returns, reinforcing the scheme's legitimacy.

• Someone you've never met expresses strong interest very quickly
• They claim to be wealthy, successful, or working abroad in a high-status profession
• They're unable or unwilling to meet in person or video call
• The conversation eventually steers toward cryptocurrency or investment
• They introduce you to a trading platform with unusually high returns
• You're encouraged to move funds off a regulated exchange onto an unfamiliar platform
• When you try to withdraw, you're asked to pay fees, taxes, or meet additional requirements

Example: You match with someone on a dating app who seems genuine and attentive. Over several weeks you develop what feels like a real connection. They mention they make extra income through a crypto trading platform and offer to show you how. You invest a small amount and see impressive returns. Encouraged, you invest significantly more. When you try to withdraw, you're told you owe a 20% tax before the withdrawal can be processed. You pay it. The funds never arrive. Your contact stops responding.

• Be cautious of unsolicited contact from strangers online, regardless of how genuine they seem
• Never send crypto or move funds based on the recommendation of someone you haven't met in person
• Research any investment platform independently before depositing — regardless of who introduced it
• Reverse image search profile photos to check if they've been taken from another source
• Talk to someone you trust before making any significant financial decision influenced by an online relationship
• Only use registered and regulated platforms for all your crypto activity

Romance scams are carefully engineered by professional fraudsters who invest significant time and resources into making them convincing. Falling victim is not a reflection of your intelligence or judgement. These scams work because they exploit fundamental human needs for connection and trust.

Stop all contact immediately. Do not send any further funds, even if you are told one more payment will release your money, protect your account, pay taxes, or recover your investment. Do not engage with anyone offering to recover your losses for a fee; this is almost always another scam.

Document all communications, transaction records, wallet addresses, platform details, profile links, phone numbers, photos, and screenshots. Report the profile to the dating app, social media platform, or messaging service where contact was made.

If you transferred crypto from your Ndax account, contact [email protected] right away. Cryptocurrency transfers are generally irreversible, but the information you provide may help us review the activity and protect other users.

If fiat funds, credit, bank transfers, debit cards, or payment services were used, notify the financial institution where the funds originated.
 

• Report to Ndax at [email protected] if your Ndax account was involved or crypto was transferred from your Ndax account
• Report to the CAFC at antifraudcentre.ca
• Report to the RCMP at reportcyberandfraud.canada.ca
• Notify the financial institution where the funds originated, such as your bank, card provider, or payment service provider
• Report fake profiles directly through the relevant social media, messaging, or dating platform