He thought he had found love, he loses 1.4 million in crypto

Online seduction, blind trust, and promises of quick profits: it only took a few months for a retiree from Colorado to see 1.4 million dollars disappear. But behind this individual tragedy lies a more worrying reality: the proliferation of scams in a crypto sector still too little regulated.

When love becomes a financial trap

The crypto sector is not exempt from its dark areas, often fueled by ever more sophisticated crypto scams. The story of this Colorado resident is a striking example. In the midst of a marital crisis, he signed up on a dating site to break his loneliness. That’s where he met a woman calling herself “Erin.” 

Their exchanges, initially filled with seduction and promises of a future, created an atmosphere of trust. Gradually, the conversation shifted from sentimental matters to financial topics. Presenting herself as an experienced investor, “Erin” encouraged him to invest part of his savings in crypto. 

At first, she directed him to recognized applications, reinforcing her credibility. But the manipulation reached its peak when she guided him to a fake platform controlled by a criminal network. In a few months, 1.4 million dollars disappeared — nearly his entire retirement savings.

According to special agent Zeb Smeester of the Colorado Bureau of Investigation (CBI), this is the largest individual loss ever recorded in a crypto scam in the state. For the victim, the illusion of a sincere romantic relationship turned into a financial disaster. “If it’s too good to be true, it’s false,” he bitterly admitted.

This case illustrates a worrying phenomenon: crypto-romance scams target vulnerable individuals, exploiting both their emotional isolation and lack of knowledge of the sector. 

And the threat is growing. As early as 2024, the Better Business Bureau already ranked crypto investment scams among the riskiest, a sign that this scourge is becoming entrenched.

Crypto and scams, a minefield

Why do these scams continue to thrive? Because the crypto world remains fertile ground for abuse, where anonymity and lack of strict rules offer ideal cover for scammers. 

Unlike the traditional banking system, there is no institution to compensate victims. ” It’s a bit like the Wild West,” sums up Meghan Conradt, director of the BBB foundation.

And Colorado is just one example among others. In Europe, a cross-border network active since 2018 was recently dismantled. More than 100 victims and at least 100 million euros disappeared through fake investment platforms. 

The funds were laundered in Lithuania, demonstrating how well fraudsters exploit loopholes and the fragmentation of international regulations.

Added to this are high-profile cases, like in Denver, where a pastor and his wife embezzled more than 3 million dollars from their followers by promoting a worthless token. 

The pattern is often the same: promises of exceptional returns, convincing speeches, and professional staging. As a result, novice or gullible investors fall into the trap and lose everything.

The story of this Colorado man is therefore not just a personal tragedy. It highlights a systemic problem: without clear regulation and solid protections, the crypto ecosystem will remain a breeding ground for scams. And each new case further undermines public trust, hindering the legitimate adoption of a sector nonetheless rich in innovations.