Shreya Datta, a resident of Philadelphia, found herself at the center of a distressing scam that cost her close to $450,000. The scam, known as “pig butchering,” is a type of cryptocurrency romance scam where fraudsters pretend to be romantically interested in their victims to persuade them to invest in cryptocurrencies.
Datta’s ordeal began when she connected with a man named “Ancel” on the dating app Hinge. Claiming to be a French wine trader, Ancel quickly moved their conversation to WhatsApp, where they exchanged messages and photos. Over time, Ancel gained Datta’s trust and convinced her to invest in a crypto trading app that he claimed would yield substantial returns.
Trusting Ancel, Datta poured her savings, took out loans, and even liquidated her retirement fund to invest in the fraudulent scheme. She believed her investment had doubled until she attempted to withdraw her funds and was met with demands for a personal tax payment. Suspicions arose, and further investigation by Datta’s brother uncovered that Ancel’s photographs were actually of a German fitness influencer, exposing the scam.
Cryptocurrency romance scams like Datta’s have been on the rise, with the FBI’s Internet Crime Complaint Center reporting over 40,000 cases and losses exceeding $3.5 billion in 2023 alone. These scams often involve sophisticated tactics, including the use of deepfake videos and AI-generated profiles, making them challenging for victims to identify and law enforcement agencies to combat.
Both law enforcement agencies and dating platforms are struggling to address the surge in such scams. Victims, like Datta, often feel ashamed and may not report their experiences. Additionally, these scams are linked to transnational criminal organizations that exploit trafficked individuals to execute their schemes, funneling stolen funds overseas.
