A 73-year-old woman is warning others after she says she lost nearly $400,000 in a cryptocurrency scam that began with contact on TikTok and grew into a sophisticated fraud involving fake investment promises, pressure tactics and a request for a massive “tax” payment before she could withdraw her money.

The case, highlighted by Dakota News Now, reflects a growing type of fraud investigators and financial experts say is becoming increasingly common: scammers using social media and dating-style manipulation to build trust before steering victims into bogus crypto platforms. Officials and fraud specialists say these schemes can be devastating because they combine emotional manipulation with the promise of fast profits, making victims less likely to recognize warning signs until the losses are already severe.

According to the report, the woman said the scam began after she connected with someone through TikTok. That contact eventually encouraged her to invest in cryptocurrency. At first, the arrangement may have seemed legitimate. Like many victims, she was told to create an account on a real, well-known platform before being redirected to another site that appeared to handle the investment. Once money was transferred, she was shown gains on what looked like an authentic trading platform, reinforcing the illusion that her investment was growing.

But the reality was very different. The money was not being invested. Instead, authorities say it was being funneled to scammers operating behind the scenes. The victim reportedly kept contributing more funds, believing she was building returns and could eventually access her earnings. Over time, the amounts grew much larger, eventually totaling nearly $400,000.

The turning point came when she tried to withdraw her money. That is when the scammers allegedly told her she would need to pay a large tax bill—reportedly around $380,000—before the funds could be released. Fraud experts say this is a common tactic in crypto scams. Once victims try to cash out, criminals often invent new fees, taxes, or account verification problems to extract even more money. By that stage, the victim has usually already lost a substantial amount and may be emotionally invested in recovering it.

The woman said that moment made her realize something was wrong. By then, however, the money had already disappeared. The investments were not real, and the account statements were part of the deception. Her loss is among the latest examples of what law enforcement refers to as “pig butchering” or romance-style investment fraud, a scheme that can begin on social platforms, dating apps, or messaging services and gradually pushes victims toward fraudulent financial platforms.

The FBI and cybersecurity researchers have repeatedly warned that these scams often follow a predictable pattern: a stranger initiates contact, builds rapport, introduces an investment opportunity, and then provides step-by-step guidance to make the process appear legitimate. Victims may be encouraged to use real cryptocurrency exchanges at first, which helps establish credibility, before being sent to a fake trading platform that is fully controlled by the scammer. The site may show fake profits, request more deposits, and block withdrawals until the victim either runs out of money or suspects fraud.

Experts say older adults can be especially vulnerable because scammers exploit loneliness, trust, and unfamiliarity with cryptocurrency. They also note that these schemes are difficult to unwind because digital currency transactions are generally irreversible and may move through multiple wallets quickly, making recovery challenging. In many cases, once the money is transferred, it is nearly impossible to retrieve.

Financial institutions and crypto firms are urging the public to slow down, verify identities, and question any unexpected investment advice received through social media. Legitimate financial advisors do not typically recruit investors through private messages, and no one should pressure another person to move funds immediately or to pay additional money to unlock withdrawals. Consumers are also being advised to independently confirm that any platform they use is authentic and to be skeptical of claims involving guaranteed profits or “insider” cryptocurrency opportunities.

Crypto.com, which was mentioned in the report as a legitimate site used early in the process, has warned consumers to make sure accounts and investment platforms are verified before transferring funds. Industry experts say that scammers often use real brand names, copied logos, and convincing interfaces to lower a victim’s guard. Even experienced users can be fooled if the fraudster carefully controls the conversation and the timing of the fake gains.

Authorities have not publicly identified the scammer or scammers involved in this case. Investigators often face an uphill battle in tracking perpetrators because these operations can be organized across state or national borders, use encrypted messaging, and rely on stolen identities or disposable digital accounts. Still, law enforcement agencies say reporting the fraud quickly can help preserve evidence and may improve the chances of disrupting similar schemes.

The woman’s story is now serving as a warning to others about how quickly a conversation online can turn into a financial disaster. What started as a social-media connection ended with a devastating loss and a reminder that high-pressure crypto pitches, especially those paired with romance or friendship, should be treated with extreme caution. Experts say the safest approach is simple: never send money to someone you met online without independently verifying every detail, and never pay extra fees to access funds that were supposedly already yours.

As cryptocurrency continues to attract everyday investors, scammers are adapting just as quickly. For victims, the losses are not only financial but deeply personal, often leaving embarrassment and a sense of betrayal. Law enforcement and consumer advocates say awareness remains the best defense, and stories like this one underscore how dangerous these scams can be when trust is weaponized for profit.