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Modus Operandi and Blockchain Analysis of Romance Scams: Cryptocurrency-Driven Victimization

Lim, A. ; Choi, KS. (2025) — International Journal of Cybersecurity Intelligence & Cybercrime

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DOI: 10.52306/2578-3289.1220 (opens in a new tab)

Type:   Journal Article
Country:   United States
Tags:   Bitcoin, Blockchain Forensics, Cryptocurrency, Fake Investments, Financial Deception, Financial Loss, Money Laundering, Online Dating, Online Dating Platforms, Romance Scams
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Synopsis

            
This mixed-methods study screened 783 Chainabuse reports and analyzed 107 verified English-language romance-scam cases reported from May 2022 to October 2024. It coded platforms, narratives, deposits, cryptocurrencies, and losses, used regression to test loss associations, and traced wallets for laundering behavior. Bitcoin and Ethereum were associated with greater individual- and cluster-level losses. Mixer or Tornado Cash use was associated with higher individual losses, while direct wallet deposits were associated with lower losses; identified laundering also included self-funding in 45.8% of cases, swaps in 43.0%, and peel chains in 8.4%. Self-reported narratives and addresses, uncertain scam classification, no direct victim verification, and variable reporting timing limit causal and population-level conclusions.

          

        
                  

            
Identified Gaps

            
The study addresses limited case-level knowledge of cryptocurrency-driven romance-scam operations by linking reported contact and deception narratives to blockchain transaction histories. It also identifies an investigative need to prioritize risk patterns, rather than reported loss alone, because small losses may form larger connected patterns. The paper further indicates cross-jurisdictional barriers to platform subpoenas and accountability.

          

        
                  

            
Methods

            
Mixed-methods analysis of 107 verified, English-language self-reported Chainabuse.com romance-scam cases collected from May 2022 to October 2024. Researchers screened 783 reports, excluded incomplete or inconsistent reports, and verified addresses and transactions using OSINT sources. They coded contact platforms, messaging transitions, deception and deposit methods, cryptocurrencies, losses, and laundering indicators. Descriptive statistics and OLS regressions examined associations with individual and cluster-level loss; Breadcrumbs blockchain tracing mapped transaction paths and laundering techniques.

          

        
                  

            
Limitations

            
The public-platform data were self-reported and participants did not directly consent. Reporters may have lacked expertise to distinguish romance scams from other online fraud, including pig-butchering scams. Findings rely on victim recollections, reported narratives, and wallet addresses; researchers could not contact victims for independent verification. Reporting and scam-recognition timing also varied, potentially affecting reported details and transaction patterns.

          

        
                  

            
Future Work

            
Develop and evaluate specialized blockchain-forensics training and tools for law enforcement; assess public awareness programs on fake profiles and cryptocurrency risks; develop legal guidance and capacity building for prosecutors and judges; and examine regulatory and cross-border jurisdictional approaches to cryptocurrency-enabled romance scams.

          

              

    
    

        
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