Valentine’s Day romance fraud: US prosecutors warn of crypto risks

US prosecutors have warned of Valentine’s Day scams using crypto after cases cost victims millions.

Prosecutors in the US state of Ohio have issued a public warning urging Americans to be on the lookout for cryptocurrency-related romance fraud as they celebrate Valentine’s Day.

The alert drew attention to a rise in emotionally driven fraud cases where victims are persuaded to send digital assets after establishing an online relationship.

Federal warning outlines latest tactics

The United States Attorney’s Office for the Northern District of Ohio said Criminals often approach targets via dating apps, social platforms or text messages, then build trust over weeks or months before asking for money for fabricated emergencies or investments.

According to U.S. Attorney David M. Toepfer, scammers “prey on trust and emotion,” and “they’re not looking for love – they’re looking for money.” He added that such criminals often target older adults and emotionally vulnerable individuals.

His office also cited recent prosecutions and investigations, including a December 2025 case involving authorities charged Frederick Kumi, a Ghanaian national accused of helping run a romance fraud ring that has allegedly taken more than $8 million from elderly victims since 2023. According to researchers, the group used AI tools to create fake identities and conduct persuasive conversations before asking for money. Kumi was arrested in Ghana and is charged with fraud, conspiracy and money laundering.

Another case involved an Ohio woman who lost approximately $663,000 after a stranger contacted her via a “wrong number” text message. The fraudster later guided her through opening accounts on Crypto.com and Coinbase and then convinced her to transfer money to a fake investment platform.

Fortunately, FBI investigators traced some of the stolen funds to cryptocurrency wallets and, with help from Tether, seized over $8.2 million in USDT.

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Data shows a broader trend in crypto-linked fraud

Recent industry research suggests that these crimes fit a broader pattern, as evidenced by a January 2026 report from blockchain security firm PeckShield, which estimated that crypto scams and hacks will cost users more than $4 billion in 2025, with approximately $1.37 billion tied to scams alone.

The company said losses from scams increased by about 64% from the previous year, often involving personalized impersonation tactics aimed at high-value targets.

Ohio prosecutors have recommended several ways people can protect themselves from romance cheats, including reverse image searches on profile photos, skepticism toward anyone who refuses to meet in person, and a tough rule against sending cryptocurrency, gift cards or wire transfers to people who met online.

They also advised victims to keep all communications and financial records and then file reports with the FBI’s Internet Crime Complaint Center. In addition, the National Elderly Fraud Hotline operates daily to guide older adults through the reporting process.

According to the officials, time is of the essence for those who may have sent crypto because law enforcement can freeze stolen assets, but only if wallets are identified before funds are moved through mixers or foreign exchanges.