Romance and "pig butchering" crypto scams: the latest FBI and FTC loss figures

What's happened

The biggest scam losses in the US now come from people who spend weeks building trust, then steer the conversation toward investing. Often called "pig butchering," because the scammer "fattens up" the victim before taking everything, these schemes mix romance or friendship with fake cryptocurrency trading.

The FBI's 2025 Internet Crime Report, published in April 2026, logged a record $20.9 billion in reported losses, up 26% on 2024. Investment fraud was the largest category at $8.6 billion, and cryptocurrency investment fraud alone accounted for $7.2 billion, more than any other scam. Separately, 23,159 people reported romance or confidence scams, losing $929.3 million.

The FTC's figures tell the same story. It told Congress on March 25, 2026 that consumers reported losing $15.9 billion to fraud in 2025, and that investment scams made up about half of it, at more than $7.9 billion. In May 2026, it said reported losses to romance scams had risen 22%.

Who's affected

Anyone with a phone or a social media account. The FBI says these schemes are largely run by organized criminal groups based in Southeast Asia, often using victims of human trafficking forced to work in scam compounds. They cast a wide net, and people of all ages lose money, though the BBB found romance scams carry one of the highest median losses of any scam, at $4,500.

How they start

• A "wrong number" text. FinCEN, the Treasury's financial crimes unit, says contact often begins with a text sent to the wrong person, or a message from someone claiming to be an old friend.
• A dating or social media match who's attractive, successful and quick to move the chat to WhatsApp, Telegram or another messaging app.
• Slow trust-building. Days or weeks of friendly chat, good mornings and photos of a glamorous life, with no request for money.
• The investment pitch. The new friend mentions how well they're doing trading crypto or gold, and offers to show you an app or website. The BBB found 46.3% of romance scam victims it surveyed were encouraged to deposit money into a crypto account.
• The fake profits. The platform shows your balance growing. You may even withdraw a small amount, which builds confidence to invest more.
• The trap. When you try to withdraw a larger sum, you're told to pay "taxes" or "fees" first. Then the scammer disappears.

What it means in dollars: a worked example

This is an illustration, not a real case.

Mark gets a text from "Lily," who says she meant to message someone else. They chat daily for a month. She mentions a crypto trading app her uncle uses, and Mark tries it with $1,000. Within two weeks the app shows $1,600, and he withdraws $200 without trouble. Encouraged, he moves $30,000 from his savings. The balance climbs to $52,000, but when he asks to withdraw, he's told to pay a 15% "tax" of $7,800 first. He's now lost $30,800, and the $52,000 never existed.

Warning signs

1. Someone you've never met in person talks about money or investing. The FTC's advice: don't send money to someone you've never met in person.
2. They ask you to move the chat to a private messaging app soon after meeting.
3. They always have a reason not to video chat or meet in person.
4. They recommend a specific trading app or website you hadn't heard of, and their "mentor" or "uncle" has inside knowledge.
5. You must pay to withdraw your own money. Real platforms don't ask for upfront taxes or fees to release your balance.
6. Someone offers to recover your losses for a fee. The FBI received more than 10,500 complaints about these recovery scams in 2025. They're a second scam aimed at people who've already lost money.

What to do if it's happened to you

Stop sending money, even if you're told you'll lose everything you've put in. Save every message, wallet address and transaction record. Report it to the FBI at ic3.gov and the FTC at ReportFraud.ftc.gov, and tell your bank and the crypto exchange you used. The FBI's Operation Level Up uses IC3 reports to find and warn victims: in 2025 it notified 3,780 people, and 78% of them didn't yet know they were being scammed.

FAQs

Can the FBI get my crypto back?

Sometimes funds can be frozen if they're reported quickly, but recovery is rare. Report fast, and never pay anyone who promises to recover your money.

What if the person really seems to care about me?

That's how the scam works. Talk to a friend or family member you trust before sending any money, and if you're embarrassed, remember that these are professional criminal operations that fool many careful people.

Does this only happen on dating apps?

No. The FBI says contact starts through texts, social media, ads and dating apps. Many victims weren't looking for romance at all.

Sources: FBI IC3 2025 Internet Crime Report, FTC testimony to the Joint Economic Committee (March 25, 2026), FTC: new trends in reports of imposter scams (May 7, 2026), BBB Institute: 2025 Scam Tracker Risk Report, FinCEN alert on pig butchering scams (2023)