Key Takeaways
- A 71-year-old Brentwood widower lost $1 million in a sophisticated fake romance crypto scam.
- The scheme began with a “wrong number” text and evolved over three months of daily communication.
- Scammers used emotional manipulation and fake investment returns to drain the victim’s entire retirement savings.
Table of Contents
A Calculated Prey on Vulnerability
In a sad story that encapsulates the cruel sophistication of contemporary crimes in the crypto sphere, a widower from the Bay Area lost his entire life savings of $1 million to a fake romance crypto scam.
The victim, a 71-year-old named Larry Sorenson, was targeted shortly after his wife of 35 years died of cancer, making him emotionally vulnerable to scammers who spent three months building an elaborate fictional relationship.
The scheme originated unexpectedly with a simple “wrong number” text message back in July from someone calling themselves “Tina,” which gradually evolved into daily conversations, exchanged photos, and declarations of love, all designed to lower his defenses.
Read also: Crypto Social Engineering Scam Costs Victim $91M in 783 Bitcoin Heist
The Slow Burn to Financial Ruin
The scammers of the fake romance crypto scam were able to manipulate Sorenson by using the WhatsApp conversation to share fake life stories and create an emotional and intimate connection before introducing the crypto investments topic.
After months of grooming, they eventually provided him with manipulated screenshots that showed large returns from crypto trading.
They convinced him to invest his entire $1 million Individual Retirement Account (IRA) into an apparent legitimate investment platform. The scammers even encouraged him to take out loans and borrow from family members for additional “investments” before his stepdaughter recognized the classic red flags and identified it as a scam.
The victim, once he realized he had fallen into a scam, checked the fake balance account provided by the thief, but his money was gone. Then, he contacted different law enforcement agencies with no luck, as his “investment” is practically unrecoverable.
Even worse, he may have to pay $400.000 in taxes for withdrawing all the funds from his IRA account.
Read also: Deepfake Crypto Scam Swindles Welsh Pensioner Out of £60,000
Protecting Yourself from Similar Schemes
- Verify Identity Thoroughly: Request video calls and conduct reverse-image searches on profile pictures.
- Question Investment Advice: Be suspicious of anyone giving you advice to invest in crypto, especially with guaranteed high returns.
- Guard Personal Information: Never share financial information or make investments based on stranger’s advice
- Keep Relationships Public: Avoid secret relationships and discuss new connections with trusted friends or family
- Research Platforms: Only use well-known, regulated exchanges and verify website authenticity
Read also: Crypto Scammer Impersonates UK Police Officer, Steals $2.8M BTC in Sophisticated Cold Wallet Threat
A Warning for All Potential Victims
This devastating fake romance crypto scam is proof that organized criminals will prey on the vulnerability of emotion, often spending months creating a bond and trust with the victim to then steal their money. Also known as “pig butchering” in law enforcement circles, fattening victims with affection and a virtual companion before slaughtering them financially. Moreover, these schemes have become increasingly common as crypto adoption grows.
So far, Sorenson’s story highlights the urgent need for public awareness about these manipulative tactics, particularly as scammers become more sophisticated in exploiting human loneliness and trust.
FAQs
How did the scammers initially contact the victim in this fake romance crypto scam?
The scheme began with a “wrong number” text message supposedly intended for someone else, which gradually evolved into daily conversations that built false intimacy over several months.
What are the biggest red flags in a fake romance crypto scam?
– Major warning signs include:
– Refusal to meet in person or via video chat
– Requests to move conversations to encrypted apps
– Discussions about crypto investments
– Pressure to keep the relationship secret from friends and family
What is “pig butchering” in crypto scams?
“Pig butchering” describes a long-term scam where criminals fatten their victims with emotional manipulation and fake affection before slaughtering them financially through fraudulent crypto investments.
For more crypto crime stories, read: Cambodian Pig Butchering Syndicate Loses $15B Bitcoin in Historic DOJ Seizure
