A crypto romance scam, sometimes called “pig butchering”, combines two of the most damaging frauds in the UK: romance fraud and investment fraud. It usually starts with a friendly message on a dating app, social media or WhatsApp. Over weeks or months, the scammer builds a warm, attentive relationship. Then they mention, almost casually, how well they’re doing from investing in cryptocurrency, foreign exchange or gold. They offer to show you how. A professional-looking trading platform shows your money growing. And then, when you try to withdraw it, or when you’ve put in as much as you can, everything disappears.
This guide explains how these scams work, step by step, the scripts scammers use, how to spot a fake trading platform, why people over 50 are targeted, and where to report and get support if it has happened to you or someone you know. It gives information rather than financial or legal advice. Your bank, the police reporting service and the organisations listed below can advise on your situation.
General information, not legal or financial or financial advice
This guide explains how things generally work in the UK so you know what to ask. It is not advice about your situation, and Hearts Again is not a law firm, financial adviser or healthcare provider. Rules differ between England, Wales, Scotland and Northern Ireland and can change. Before you make any decision, speak to a qualified professional:
- your bank straight away (call 159 to reach most UK banks), Report Fraud on 0300 123 2040 (England, Wales and Northern Ireland) or Police Scotland on 101
- a regulated financial adviser (check they are on the FCA Register), or MoneyHelper, the free government-backed money guidance service
The short answer
- Investment scams were the costliest type of authorised push payment fraud in the UK in 2025. UK Finance reported losses of £221.5 million across 14,893 cases. Romance scam losses rose 23% to £39.2 million.
- Crypto romance scams build trust first, then introduce "investment". The scammer may never ask you for money directly. Instead, they guide you to "invest" on a fake platform.
- Fake platforms often look professional, show rapid gains and may let you withdraw a small amount to build trust.
- Requests to pay "taxes", "fees" or "unlock charges" before you can withdraw are a classic sign that the platform is fake.
- If someone you met online talks about investing, especially in crypto, treat it as a red flag, however genuine the relationship feels.
- Banks and the police urge anyone who thinks they've been scammed to contact their bank straight away. In England, Wales and Northern Ireland, reports go to Report Fraud (0300 123 2040). In Scotland, Police Scotland takes reports on 101.
What is a crypto romance scam?
A crypto romance scam is a fraud in which someone builds a romantic or close friendship with you online, then persuades you to invest money, usually in cryptocurrency, through a platform they control. The name “pig butchering” comes from a translation of a Chinese phrase used by some criminal groups. It describes “fattening up” a victim with attention and apparent profits before taking everything. Many people find the phrase offensive, and it says nothing about the victim, who has been deliberately deceived by professionals.
These scams are often run by organised criminal networks. Investigations in several countries have found that some are run from large scam compounds, where workers follow detailed scripts. The person messaging you may not be the person in the photos, and may not even be one person.
How big is the problem?
UK Finance’s annual fraud report found that investment scams were the costliest category of authorised push payment (APP) fraud in 2025, with losses up 40% to £221.5 million and cases up 26% to 14,893. Romance scam losses rose 23% to £39.2 million. These figures only cover cases reported to banks. Many victims never report, often out of embarrassment, and many romance and investment scams take months or years to come to light.
Crypto romance scams can fall into either category, because they’re both. What makes them so damaging is that the losses are often very large, because victims are persuaded to “invest” more and more over time.
How the scam usually works
Most crypto romance scams follow a similar pattern. Knowing it helps you recognise it.
Stage 1: the approach
Contact may come through:
- A dating app or website
- A “wrong number” text or WhatsApp message (“Hi, is this David? Oh sorry, wrong number… but you seem nice”)
- Social media, such as Facebook, Instagram or LinkedIn
- Online groups based on hobbies or interests
The profile usually shows an attractive, successful person, often with a glamorous lifestyle: travel, nice cars, good restaurants. They may say they work in finance, business, fashion or property, or that they’re a widow or widower.
Stage 2: building trust
For days or weeks, there’s no mention of money. The scammer is attentive, warm and consistent. They message every morning and every night, ask about your day, remember details and share their own “life”. They may send photos of meals, views or their “home”. Many victims describe this stage as the most caring attention they’d had in years.
Stage 3: the investment hint
Then, casually, they mention their success with investing. “My uncle taught me a strategy for crypto trading.” “I made £3,000 this week on gold.” “I don’t usually tell people, but I’ve been doing really well.” They don’t push. They wait for you to ask.
Stage 4: the “help”
When you show interest, they offer to teach you. They guide you to:
- Open an account with a genuine cryptocurrency exchange
- Buy cryptocurrency with your own money
- Transfer it to a “trading platform” or app they recommend, which is fake and controlled by the scammers
They may coach you step by step, by screenshot or video call, and urge you to start small.
Stage 5: the gains
The fake platform shows impressive profits. Sometimes the scammers let you withdraw a small amount, to prove it’s real. Encouraged, many people invest more, sometimes taking out loans, remortgaging or using savings or pension money.
Stage 6: the trap
When you try to withdraw a larger amount, you’re told you need to pay a “tax”, “fee”, “verification charge” or “anti-money-laundering deposit” first. Or your account is “frozen”. Or the scammer pressures you to make one last big investment for a “special opportunity”. Payments go in, but nothing comes out.
Stage 7: disappearance, or “recovery”
Eventually the platform vanishes, or the scammer goes silent. Some victims are then contacted by “recovery agents” or “lawyers” who promise to get their money back for a fee. These are often the same scammers, or associated criminals. This is called a recovery scam.
The scripts scammers use
Our guide to romance scam messages covers common romance scripts in detail. Lines that are particularly typical of crypto and investment romance scams include:
| What they say | What it’s for |
|---|---|
| “Sorry, wrong number. But you seem like a nice person.” | An opening to start chatting |
| “My aunt/uncle works at a big investment firm and shares tips with me.” | Making the “opportunity” sound exclusive and credible |
| “I don’t usually tell people about this, but I trust you.” | Building intimacy and secrecy |
| “Just try a small amount first, so you can see how it works.” | Lowering your guard |
| “Don’t tell your bank it’s for investment, they’ll block it.” | Getting you past bank fraud checks |
| “We’re building our future together.” | Linking money to the relationship |
| “The platform says you need to pay tax before withdrawing.” | Extracting more money |
| “If you don’t pay now, you’ll lose everything.” | Pressure and urgency |
How crypto romance scams differ from other romance scams
| Classic romance scam | Crypto romance scam | |
|---|---|---|
| The ask | A direct request for money: a medical bill, a flight, a customs fee | No direct request. You’re guided to “invest” for yourself |
| The story | A crisis or emergency | An opportunity, often presented as a favour |
| Where the money goes | Bank transfer, gift cards, money transfer services | Usually through a crypto exchange to a fake platform |
| How it feels | You’re helping someone you love | You’re building a future together, and making money |
| The trap | Repeated crises | Fake profits, then fees to withdraw |
| Recovery | Sometimes possible through your bank | Often harder, because payments may go via your own crypto account |
Because you never seem to be giving money away, many people don’t realise they’re being scammed until they try to withdraw.
Red flags
Any one of these should make you stop and check. Several together are a strong warning.
- They raise investing at all. Genuine new partners rarely try to get you investing in the first weeks or months.
- Cryptocurrency, forex or gold “trading”. These are the most common themes.
- A platform or app you’ve never heard of, especially one they insist you use.
- Guaranteed or very high returns. Real investments go up and down.
- They avoid video calls, or calls are very short, blurry or always at odd times.
- They ask you to keep it secret from family, friends or your bank.
- They tell you what to say to your bank if it questions a payment.
- You need to pay to withdraw. Taxes and fees deducted from withdrawals are normal. Being asked to send more money before you can withdraw is not.
- A crisis appears just as you want to stop.
How to check a trading platform
If you’ve been told about a platform, some checks can help:
- The FCA Register. Firms offering many financial services in the UK must be authorised by the Financial Conduct Authority. You can search the register online.
- The FCA Warning List. The FCA lists firms it knows are operating without permission or running scams.
- Clone firms. Scammers sometimes copy the name and details of a real firm. The FCA advises contacting a firm using details from the FCA Register, not from the website or person that contacted you.
- Web addresses and apps. Fake platforms often have recently registered websites or apps outside the official app stores.
These checks help, but they’re not foolproof. If the person recommending the platform is someone you met online, that alone is reason to stop.
Why people over 50 are targeted
Crypto romance scams affect people of all ages, including younger people. But scammers often target people over 50 because they may:
- Have savings, pensions or property
- Be single after divorce or bereavement, and lonely
- Be less familiar with how cryptocurrency works
- Be more trusting of polite, consistent attention
- Feel embarrassed to admit what’s happened, so they report later
None of this means older people are foolish. These scams are run by professionals who use psychological techniques refined on thousands of victims.
What banks and the police advise if you think it’s happening
Banks, the police and victim support organisations generally advise these steps:
- Stop sending money, including any “fees” to withdraw.
- Contact your bank straight away. Call the number on the back of your card, or call 159, which connects you securely to many UK banks.
- Report it. In England, Wales and Northern Ireland, report to Report Fraud, which replaced Action Fraud, online at reportfraud.police.uk or on 0300 123 2040. In Scotland, contact Police Scotland on 101. If you’re in immediate danger, call 999.
- Keep evidence. Screenshots of messages, profiles, platform pages, transaction records and wallet addresses.
- Report the profile to the dating app or social media platform.
- Don’t pay anyone who offers to recover your money. Genuine help doesn’t come with an upfront fee.
- Tell someone you trust. It’s hard, but support makes a real difference.
Our guide to I’ve been scammed on a dating site: what to do now goes through these steps in more detail.
Getting money back
Since 7 October 2024, UK payment firms have had to reimburse many victims of authorised push payment scams, for payments made by Faster Payments or CHAPS, up to £85,000, under rules set by the Payment Systems Regulator. There are important exceptions. Payments to an account you control, such as your own crypto exchange account, card payments, cash and international payments are generally not covered by those rules. That’s why crypto investment scams can be particularly hard to recover. Your bank can explain what applies in your case. If you’re unhappy with how your bank handles a claim, the Financial Ombudsman Service may be able to look at it. Citizens Advice and Victim Support can also help.
Support for victims
Being scammed can be devastating, emotionally as well as financially. Many victims feel shame, grief for the relationship, and fear of telling family. It isn’t your fault. Organisations that can help include:
- Victim Support: free, confidential support for victims of crime, including fraud
- Citizens Advice: help with next steps, including dealing with banks
- Samaritans: 116 123, free, 24 hours a day, if you’re struggling to cope
- Your GP, if it’s affecting your sleep, mood or health
How to protect yourself
- Keep money and dating separate. Never discuss your savings, pension or investments with someone you’ve met online.
- Treat any mention of investing as a red flag, however long you’ve been talking.
- Video call early and meet in person in public before trusting anyone.
- Talk to someone you trust before making any investment you’ve heard about through a new relationship.
- Use our Scam Red-Flag Checker if you’re unsure about someone.
Our guides to dating app scams targeting over-50s, how to spot a fake dating profile and how to spot a romance scam on WhatsApp explain other common scams.
If you’re worried about someone else
If a parent, friend or relative has a new online relationship and has started talking about crypto or investing, you may be right to be worried. It’s often best to:
- Stay calm and non-judgemental. Criticism can push people closer to the scammer.
- Ask questions rather than making accusations. “Have you met them in person? What platform is it? Can we check it on the FCA register together?”
- Share information, such as this guide, without pushing.
- Encourage them to talk to their bank before sending any more money.
- Keep the door open. Many victims take time to accept what’s happened.
Frequently asked questions
What does “pig butchering” mean?
It’s a translation of a Chinese phrase used by some scam groups. It describes “fattening up” a victim with attention and fake profits before taking their money. It’s now widely used to describe crypto romance scams.
Can I get my money back from a crypto romance scam?
Sometimes, but it can be difficult. Banks advise contacting them as soon as possible. UK reimbursement rules cover many Faster Payments and CHAPS scams, but payments to your own crypto account, card payments and international payments are generally excluded. Your bank can explain what applies.
How do I know if a trading platform is real?
The FCA suggests checking its Register and Warning List, and contacting firms only through details on the register. If someone you met online recommended the platform, treat it as a serious warning sign.
The person I’m talking to has never asked me for money. Could it still be a scam?
Yes. In crypto romance scams, the scammer often never asks for money directly. They guide you to “invest” on a platform they control.
Should I tell the scammer I know?
Fraud and police services generally advise stopping contact, reporting the profile and keeping evidence. Confronting a scammer can lead to more manipulation, threats or a recovery scam.
Where do I report a crypto romance scam in Scotland?
Police Scotland takes reports on 101, or 999 in an emergency. Your bank can also help straight away.
Related guides
- Romance scam cover stories: oil rigs, doctors, gift cards and more
- Dating app scams targeting over-50s in the UK
- Romance scam messages: the scripts scammers use
- I’ve been scammed on a dating site: what to do now
- How to spot a romance scam on WhatsApp
- How to spot a fake dating profile
- Military romance scams
Sources
- UK Finance, Annual Fraud Report 2026 (2025 data), as reported in June 2026.
- City of London Police, Report Fraud service launch (December 2025 and January 2026).
- Payment Systems Regulator, APP scam reimbursement rules (from 7 October 2024), as summarised by UK banks.
- Financial Conduct Authority, FCA Register, Warning List and guidance on clone firms.
- Stop Scams UK, the 159 service.
- Victim Support, Citizens Advice and Samaritans.