Escalating Tactics in Crypto Investment Scams
The FBI has issued a warning about a troubling evolution in cryptocurrency investment scams, often called pig butchering or romance baiting. Fraudsters now deploy couriers to collect cash directly from victims, bypassing electronic monitoring systems. These schemes typically begin with unsolicited contact through social media or dating apps, where scammers build false trust before pushing fake investment opportunities. When victims try to transfer funds, they are told their accounts are flagged, and in-person cash handoffs are required.
How the Courier Scheme Works
Victims withdraw cash and provide a serial number from a U.S. dollar bill or a password to authenticate the courier. After the pickup, the scammer shows a fake increase in the victim’s online wallet, then demands more money for fraudulent taxes or penalties. The FBI advises researching cryptocurrency platforms thoroughly, never sharing addresses with strangers, and ending all communication after unsolicited contacts. Victims should report incidents to the FBI with full details of the criminals and methods used.
