One scheme to watch out for among crypto-related scams is the so-called "romance scam." In a romance scam, a scammer builds an intimate relationship with a victim they met on social media or a dating app, then leads them into sending crypto assets (also known as virtual currencies) or transferring cash. These scams typically start with everyday conversation or talk of romance, and once trust has been established, the scammer brings up an investment opportunity.
According to National Police Agency data, SNS-based romance scams in fiscal year 2025 (Reiwa 7) totaled 5,604 recognized cases with combined losses of ¥55.22 billion, and cases involving crypto asset transfers have been increasing sharply (Source: National Police Agency, "Status of Recognized and Solved Cases of Special Fraud and SNS-Based Investment/Romance Scams in Reiwa 7").
In Japan, there have been reported cases of victims being defrauded of approximately ¥130 million in crypto assets and cash through SNS-based romance scams. According to news reports, a victim developed feelings for someone they met on social media, was later introduced to a crypto investment story, and ended up transferring money to a designated account more than twenty times (Source: The Yomiuri Shimbun Online).
To avoid falling victim to this type of scam, it's important to recognize the typical tactics and warning signs, and to stop sending money the moment something feels off. This article explains the common tactics used in crypto romance scams, precautions you can take to prevent damage, and what to do if you become a victim.
What Is a Crypto Romance Scam? A Look at Real Cases
In crypto romance scams, victims are encouraged to invest by someone they met on social media or a dating app, and ultimately find themselves unable to withdraw their funds. The pattern typically starts with everyday conversation or talk of romance, and once trust has been built, the scammer steers the conversation toward a crypto investment.
In fact, the National Consumer Affairs Center of Japan's official website lists the following case as an example of a consultation it received:
I was messaging with a woman who claimed to be a foreigner on a free chat app after meeting her on a dating app, and she encouraged me to invest through an overseas crypto asset (also known as virtual currency) exchange. I invested as instructed through the app she recommended and saw a profit, so I tried to transfer the funds from the app to a domestic crypto asset exchange service provider. At that point, the app's operator contacted me saying I needed to pay a "security deposit." I was then charged additional fees one after another under names such as "handling fees." I paid some of it, but in the end I was never able to withdraw the funds sitting in the app.
In many cases like this, scammers first build trust by fostering romantic feelings or a sense of closeness, then bring up a crypto investment opportunity by claiming, for example, that they themselves are "also making a profit" from it.
The investment site's dashboard may also show profits steadily increasing. In reality, however, the operator behind the site is sometimes unidentifiable, and when a victim tries to withdraw funds, they may be charged additional costs under various names such as a "security deposit," "taxes," or "fees."
Once crypto assets are sent, it's difficult to reverse the transaction, which can make it hard to recover losses. For this reason, it's important to stop sending money or making additional payments the moment something seems suspicious, and to consult a third party.
Warning Signs of a Possible Crypto Romance Scam
Crypto romance scams tend to follow a specific pattern and share common behaviors. If any of the following apply to your situation, you should consider the possibility that you're dealing with a romance scam.
- Contact begins on social media or a dating app, and the exchange continues with an emphasis on romantic feelings or closeness
- The person suggests "switching to an app that's easier to chat on" and moves the conversation to LINE or a free messaging app
- Once trust has been established, they bring up an investment by claiming they're "also making a profit" from it
- You're asked to register on a designated investment site or app, and instructed to buy or send crypto assets
- When you try to withdraw funds, you're charged additional costs such as a security deposit, taxes, or fees, and you still can't withdraw your money even after paying
Be especially wary of cases where you're told things like "it's fine, you're already making a profit" or "you can withdraw once you pay the security deposit," and asked to send more money. Once you trust the other person, it becomes harder to think clearly, and the losses can grow larger as a result.
A woman I met on social media told me, "crypto is a good investment right now," and I downloaded the crypto trading app she recommended. While trading, I was told things like "a security deposit is required" and "this procedure requires a tax of ●%," and I ended up wiring money to a designated account multiple times, losing more than ¥100 million in total.
You should also be cautious if the entire investment and payment process is conducted only through social media or phone calls, and you can't verify the operating company's actual existence or its registration status with the Financial Services Agency (FSA). If anything seems suspicious, don't send money on the spot — talk to family or a third party first.
How to Protect Yourself from Crypto Romance Scams
The defining feature of romance scams is that they build trust by exploiting romantic feelings or a sense of closeness. Once that trust is established, it becomes difficult to think clearly even when something feels off, and victims may go ahead and send money or agree to a contract simply because the other person told them to. As a result, victims can end up making repeated additional payments, with losses growing larger over time.
To protect yourself from crypto romance scams, it's important to know in advance what kinds of situations to avoid. Here are some key precautions to keep in mind.
Don't Trust Investment Advice from People You Met on Social Media
Romance scam damage frequently originates from contact made on social media or dating apps. The typical pattern starts with everyday conversation or talk of romance, builds a sense of closeness and trust over the course of the exchange, and then steers the victim toward a crypto investment.
For this reason, if someone you met on social media brings up an investment opportunity, it's important not to take their explanation at face value. Be especially cautious if the person repeatedly talks about the future or investments despite never having met you in person — some scammers deliberately earn your trust to lower your psychological guard against sending money or signing an agreement.
Even if you feel you can trust the person themselves, that doesn't mean the investment site or the destination account they introduce you to is safe. If you're asked to send money, don't decide on the spot — talk to family or a third party first.
Give Yourself Time to Verify Before Sending Money or Signing a Contract
In romance scams, victims are often pressured to act quickly with statements like "you should complete this right away" or "if you don't send the money soon you'll miss out on the profit." This is a tactic to deny you time to think clearly and push you into sending money or signing a contract in the moment.
If you're only receiving explanations through social media or phone calls, you may not have been able to sufficiently verify the actual investment site or the contract terms. It's not uncommon for victims who trusted what they were told and went ahead with the process to lose their assets without ever noticing the risks or red flags.
Once romantic feelings or a sense of trust has formed, it's easy to think, "if this person says it's fine, it must be fine." In situations like this, the important thing is not to decide on the spot — instead, tell the other person, "I'll check on this before I decide," and give yourself time.
Never Pay a Security Deposit or Fee to Enable a Withdrawal
In crypto romance scams, victims are often charged a "security deposit," "taxes," or "fees" right when they try to withdraw their funds. Even if the investment site shows a profit, once you start the withdrawal process you may be asked for additional payments — and even after paying, you may still be unable to withdraw the money.
With a legitimate exchange or investment service, it's highly unlikely you'd be asked for a series of unnatural additional fees every time you try to withdraw. In particular, if you're told things like "you can withdraw once you pay this fee" or "your funds will be frozen if you don't pay," you should suspect you're dealing with a scam.
Even if you pay an additional fee to enable a withdrawal, that doesn't necessarily solve the problem. Once you pay once, you may be billed again under a different name, and your losses could grow larger.
For this reason, if you're asked to pay a security deposit or fee to make a withdrawal, it's important not to pay on the spot. Even if you've already made a payment, stop sending any more money, preserve your messages with the other party and your transfer records, and consult a consumer affairs center or the police.
What to Do If You Become a Victim of a Crypto Romance Scam
If you suspect you may have fallen victim to a crypto romance scam, it's important not to rush your response. If the other person keeps giving you explanations about withdrawals or refunds, you may start thinking, "if I act right now, maybe I can get my money back."
However, when you suspect you've been scammed, you need to organize the situation and respond deliberately rather than acting on the assumption that what the other party tells you is true. Continuing to respond incorrectly can allow the damage to spread even further.
This section explains the steps you should take if you become a victim of a crypto romance scam.
Stop Any Further Transfers or Payments
If you suspect a crypto romance scam, first stop making any further transfers or payments. Even if the other party tells you a fee is required to enable a withdrawal or refund, paying it doesn't guarantee you'll actually get your money out.
Be especially wary of explanations such as the following:
- "Pay a security deposit and you can withdraw"
- "Pay the taxes and the process will move forward"
- "Pay a fee and you can get a refund"
These claims are used as a pretext to demand more payments while making it look like you'll be able to recover your funds. As a real-world example, manga artist Tanaka Jun kept paying these additional demands and ended up losing a total of ¥5.83 million.
From there, he was shown fund movements in which the ¥1 million he had put in supposedly dropped to ¥0 under his own trading, while an additional ¥800,000 was said to have grown to ¥7.2 million in the hands of the investment group's "representative" — and he was then asked to pay a ¥1.44 million "representative's service fee" to withdraw that ¥7.2 million.
Source: The Mainichi
Every time he came up with more money, another fee demand followed. Eventually he was told, "because you're sending such a large sum, you're now under suspicion of a crime. We'll introduce you to a specialist international lawyer, so please pay a ¥720,000 retainer fee."
Source: The Mainichi
Thinking "I've paid this much already, so I want to get it back" makes it easy to comply with further demands. But if you keep paying, you risk never recovering your funds while your losses keep growing.
Even if the other party pressures you to pay quickly, don't send money on the spot. First, stop communicating with them, and prioritize preventing further damage.
Save Your Messages and Transfer Records
If you suspect a crypto romance scam, keep your messages with the other party and your transfer records — don't delete them. When you consult with someone later, you'll need information showing when, with whom, what kind of exchange took place, and where the funds were sent.
Information worth preserving includes the following:
- Message content
- Call records
- Screenshots of the investment site
- Destination wallet address
- Transfer/payment statements
If you sent crypto assets, it's a good idea to also keep records of the transfer date and time, the amount sent, the destination wallet address, and the transaction ID in a form you can refer back to.
It's also important to save all the information you need before letting the other party know you're suspicious. If they realize you suspect fraud, they may delete their account or the investment site, making it impossible to verify the evidence later.
Beyond just taking screenshots, organizing the information so the transfer amounts, destinations, and dates of exchange are clear will make it easier to explain your situation when you seek help. Whether you're consulting a consumer affairs center, the police, or a financial institution, the more information you have preserved, the easier it will be to convey what happened.
Consult a Financial Institution or a Public Support Line
If you suspect a crypto romance scam, don't try to negotiate with the other party on your own — consult a financial institution or a public support line instead. If you ask the scammer for a refund, they may make excuses or demand even more payments.
If you transferred money to a bank account, contact the receiving bank first. Depending on the state of that account, the bank may be able to investigate and take action. If you sent crypto assets, organizing information such as the exchange or wallet you used, the destination address, and the transaction ID will make it easier to explain your situation when you consult with someone.
In Japan, the following domestic support lines are available (accessible only from phone numbers within Japan):
Police Consultation Line | #9110 |
|---|---|
Consumer Hotline | 188 |
When you reach out, have your messages with the other party, screenshots of the investment site, transfer records, and payment statements ready. Because there's also a risk of secondary victimization from firms claiming they can "recover your losses," it's important to consult an official public support line first.
Conclusion
Not being quick to trust investment stories that promise easy profits is the first step in protecting yourself from crypto romance scams. In particular, if someone you've only met through social media or a dating app recommends an investment, it's important to take a fundamentally skeptical stance.
Crypto assets are difficult to reverse once sent. As a result, recovering funds after the fact is often difficult, which makes verifying everything before you send money extremely important.
If you suspect you've been scammed, stop sending any more money and preserve your messages with the other party along with your transfer records. On top of that, don't try to resolve the situation on your own — it's important to consult a consumer affairs center or the police as early as possible.
In romance scams, romantic feelings and a sense of trust can make it hard to think clearly. Even if you believe "this could never happen to me," anyone can end up believing what the other person says. If something seems off, don't decide on your own — getting a third party's opinion is key to preventing the damage from growing.
This article is for informational purposes only and does not constitute financial or investment advice. Please consult a qualified professional before making investment decisions.
