Romance and 'investment coach' crypto scams: how they actually work

How it starts

A stranger messages you: a wrong number text, a dating app match, a LinkedIn or Instagram DM, or a friendly face in a group chat. The conversation is warm, normal, and completely unrushed.

They are not in a hurry, because the first stage is only about trust. Days or weeks of ordinary chat come before any mention of money.

• They often claim a successful career in trading, property or tech.
• Photos look real because they are — usually stolen from someone else's account.
• They will avoid a live, unplanned video call, or the call will be brief and low quality.

How money enters the conversation

It is never a pitch. It is mentioned casually — an uncle who works in crypto, a private platform they use, a small win they happen to share a screenshot of.

When you show interest, they offer to help you rather than sell to you. That reversal is the trick: you end up asking them for access.

The fake platform

You are guided to an app or website that looks professional and shows a real-looking dashboard. Your balance goes up. You may even be allowed to withdraw a small amount early, which convinces you it is genuine.

None of it exists. The numbers on the screen are typed into a database by the people running it. No trades are happening.

• You were sent the link rather than finding the platform yourself.
• Deposits are crypto only, or go to a wallet address they give you.
• Support runs through WhatsApp or Telegram, not a company system.

The exit: fees to withdraw

When you try to take out a meaningful amount, a barrier appears: a tax, a commission, an anti-money-laundering deposit, an account upgrade, or a 'verification' payment.

There is no amount you can pay that releases the money, because the money is already gone. Every extra payment is a new loss on top of the first one.

How to check while it is still happening

Do a reverse image search on their profile photo. Search the platform name in a fresh tab alongside the word 'scam'. Check whether the company appears on any regulator's register in your own country.

You can also paste the platform name, website or wallet address into our free check to see whether it appears on official government warning lists or in reports from other people.

• Ask for an unscheduled video call and watch the excuse.
• Tell them you have spoken to your bank or family — scammers usually push back hard.
• Try withdrawing a small amount before adding anything more.

If it has already happened to you

Stop paying. Do not send a withdrawal fee, and do not borrow to 'unlock' a balance. Save the chats, wallet addresses, screenshots and website links before the account is closed.

Report it to your national fraud body and to the bank or exchange you paid from. Then ignore anyone who contacts you offering to recover the funds — recovery offers that come to you are a second scam run on the same victim list.

This is not your fault

These operations are run at industrial scale by organised teams working from scripts, often by trafficked workers who are themselves victims. They target intelligent, careful people.

Shame is what keeps this scam profitable, because it stops people warning others. Telling your story anonymously is one of the most useful things you can do.