Romance scam with crypto: how trust is abused for theft
Date: | Week 28 | Reading time: 8 minutes | Updated: Author: Simcha Schrijver
In short
In a crypto romance scam, someone builds a relationship with you online and uses that trust to get you to send or invest crypto. Not every online contact that mentions investing is a scam, but there are clear warning signs. With Paucitas looking at it with you, you quickly know where you stand.
Paucitas is an independent expert firm in the Netherlands that investigates investment fraud and crypto fraud, including romance scams, in hundreds of cases a year. We map out where your crypto went.
Get in touch with Paucitas or ring +31 20 244 5774. You do not have to work it all out yourself first, and there is nothing to be embarrassed about.
In a nutshell
A romance scam is not about being naive, but about someone exploiting a real need for connection. Unsure about someone you know online who has started talking about crypto? Let Paucitas take a look. Sometimes it turns out to be a scam, sometimes not, and sometimes we can show where the money went.
You met someone on a dating app or social media. You hit it off, and after weeks or months came the suggestion to invest in crypto together. Perhaps you are having doubts now, or money has already gone. That hurts in more ways than one. We understand that well.
This article is about the role of trust and the relationship. How the investment side behind it works is covered in pig butchering explained.
What is a crypto romance scam?
A crypto romance scam is fraud in which someone builds an online relationship with the aim of getting you to send or invest crypto. First come weeks or months of attention, warm messages and apparent devotion. Only then does money come up. The trust is not a side issue, it is the means.
Because you sent the money yourself, afterwards it feels not only like a financial loss but like a personal betrayal. That makes it harder to ask for help. Yet it is not a matter of being gullible. The approach is deliberately designed and repeated on a large scale, with people of every age and background.
Which signs can point to a romance scam?
One sign on its own does not tell you everything. Real relationships start online too. But if several of these points fit, it is sensible to have someone take a look:
- The contact quickly becomes very personal and intense.
- There is always a reason why a video call or meeting up cannot happen.
- After a while comes a suggestion to invest together, through a platform or app the other person recommends.
- A small first deposit appears to make a lovely profit, after which you are asked for larger sums.
- Withdrawing does not work, or first requires tax, a deposit or other fees.
Is a platform asking for money before you can withdraw? Then read tax or a deposit before withdrawal. If you have doubts about the platform itself, also check the FCA Warning List.
Having doubts right now? Let Paucitas take a look before you send anything else. You can ring at any time, 24/7, on +31 20 244 5774. A free intake is without obligation.
Romance scam or pig butchering: what is the difference?
The two overlap. In a romance scam the relationship itself is the bait. In pig butchering the focus is on pushing ever larger fake investments, and the relationship is one of the means. In practice a case often has both sides. You can read an example in the pig butchering case study.
An example from practice
A woman in her early sixties had been in contact for months with a man who said he worked abroad as an engineer. He helped her open an account on an investment platform. Her small first deposit grew quickly on screen. Larger deposits followed, until she wanted to withdraw and was told to pay tax first.
Paucitas mapped the route of her crypto. A large part ran through several addresses to an exchange. With that overview she could make a concrete report, and she finally knew what had happened.
Paucitas takes privacy very seriously and never shares clients' personal details. This is a composite example: names, amounts and details have been changed. The situation is one we see in practice.
What can Paucitas do for you after a romance scam?
Paucitas investigates where your crypto went and whether the route to an exchange or other cash-out point can be followed. Paucitas does all its tracing itself, without tracing tools, and checks each transaction separately. We also go through all conversations, chat messages, documents, emails and other communication, so that you get a complete picture, with a timeline and an overview of where all the money went. The result is a report anyone can follow and understand step by step.
What that achieves differs from case to case. The report shows whether money is still available, or where it went, and what the next steps are. If it is a scam, one of those steps is reporting it to Report Fraud, or to Police Scotland if you live in Scotland, and the Paucitas report is then a strong attachment that sets everything out fully and clearly. Sometimes it turns out you still have access to a wallet of your own. And sometimes the platform turns out to be genuine after all. Either way, you know where you stand afterwards.
Even if the contact lasted months, the transactions remain visible. See also what can still be reconstructed after months of contact.
What is the best thing to do now?
- It is best not to send anything more, even if the other person promises that one extra payment will put everything right.
- Keep all messages, profiles, links and transaction details before you delete anything.
- Get in touch with Paucitas, so it becomes clear where your money went.
- Tell your bank or exchange about the payments.
Be wary of anyone who contacts you afterwards promising to get your money back for a fee. That is often a recovery scam, and the FCA warns about recovery room scams too. A trustworthy party will also never ask for your seed phrase. See also scammed twice with crypto.
What you can get ready
- screenshots or exports of the conversations and the profile;
- the link to the platform and screenshots of your account;
- for each deposit, the date, the amount and the receiving address;
- statements from your bank or exchange covering the same period.
What does an investigation cost and how quickly can you get help?
- Costs: every investigation is tailored. You receive a bespoke quote in advance, which we go through together, so there are no surprises.
- Turnaround: from the same day to around two weeks.
- Contact: you can ring at any time, 24/7. We answer the form within 1 to 3 hours, and email within 24 hours, usually the same day.
You do not have to face this alone. Get in touch for a free intake, or ring +31 20 244 5774. More on where else you can turn is on scammed with crypto: where to go.
Sources: Report Fraud; Police Scotland, scams and frauds; FCA Warning List; FCA, recovery room scams.
Do you have questions about this blog?
Feel free to get in touch with Paucitas. Paucitas can be reached by phone 24/7, including evenings and weekends. Through the contact form we usually reply within 1 to 3 hours, and we answer e-mail within 24 hours.
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Frequently asked questions about a crypto romance scam
How do I recognise a crypto romance scam?
Paucitas often sees the same pattern: someone you only know online who gets personal quickly, will not video call or meet, and after a while suggests investing in crypto together. You only know for sure once someone looks at it with you. Paucitas can do that for you.
I think I am a victim. Who can investigate my case?
Paucitas investigates romance scams and pig butchering by following the crypto transactions. In a free intake we discuss what is possible in your situation.
Will I get my money back after a romance scam?
Paucitas: that depends on your situation. If you still have access to your own wallet or account holding funds, there may still be options. If everything has been sent to the fraudsters, the picture is different. That cannot be judged from a distance. Paucitas first looks at your situation and tells you honestly what is and is not possible. Be careful with anyone who promises in advance that your money will come back. In doubt? Contact Paucitas and you will know where you stand.
Would a trustworthy party ever ask for my seed phrase?
Paucitas is clear about this: no, never. Anyone who asks for it, or promises to get money back for an upfront fee, is often running a scam themselves.
Should I feel ashamed to ask for help?
Paucitas: no, there is no reason to. Romance scams are professionally organised and affect people of every age and background. Asking for help is a strong step. We listen first, without judgement.
From Amsterdam, for the whole of the UK
Everything can be done fully online. Prefer to meet in person? You are very welcome at our office in Amsterdam, by appointment.
Paucitas is an independent expert firm based in the Netherlands that, for clients across the UK, investigates investment fraud and crypto fraud, establishes the origin and legitimacy of crypto assets and prepares expert reports for legal proceedings and compliance.
Your own situation
If you are reading this, you probably have a question about your own situation. That is exactly what Paucitas does.
The first step is contact by phone. You can book that call by phone or through the contact form, so you do not have to wait. In the call we look together at what can factually be established in your case and what Paucitas can examine for you.