A Colorado man says he lost his entire retirement and life savings — totaling $1.4 million — after falling victim to a cryptocurrency romance scam, highlighting a growing global trend in online fraud.
The victim, who has chosen to remain anonymous, told U.S. outlets 9News and KDVR that he met the woman on Ashley Madison, a dating site for married people seeking affairs. They soon began exchanging photos and video chatting on WhatsApp. The woman claimed to be a successful cryptocurrency investor and offered to help him secure his money amid concerns about a possible divorce.
Over the next six weeks, he transferred his savings into what turned out to be a fraudulent crypto account. By the time he realized he had been deceived, the money was gone. “I’ve never guessed I’d be duped like this,” he said, describing feelings of “anger” and “shame.”
The Colorado Bureau of Investigation said the stolen funds were traced to a cold storage wallet — a type of digital safe — but recovering the money remains unlikely unless the assets are moved through a cooperative cryptocurrency exchange.
Authorities say the case is one of the largest single losses linked to an online scam in the state. Special Agent Zeb Semester noted that romance and crypto fraud cases are difficult to resolve because of the anonymity built into blockchain transactions.
Romance scams involving cryptocurrency have been on the rise worldwide, often exploiting victims’ emotional vulnerabilities. The man said he now hopes his experience serves as a warning: “If you haven’t met them face to face, really do your due diligence. Trust your gut instinct. If it’s too good to be true, it’s probably not true.”
