In a heartbreaking tale of trust betrayed, a North Texas man has lost nearly everything he owned to a cunning crypto-romance scam that began with a seemingly innocent online connection.
Gary Dalrymple shared his story with CBS News Texas, shedding light on a growing criminal trend that combines emotional manipulation with financial exploitation.
What started as a promising romantic exchange ended with the man emptying his 401k and transferring his life savings into an untraceable cryptocurrency wallet, leaving him financially ruined.
The scam unfolded when the man met a woman named Gianna from dating site Silver Singles, who quickly struck up a flirtatious rapport with him.
Soon after they began chatting, Gianna convinced him to communicate outside the dating site, using only the Telegram app.
Over time, she gained his trust, weaving a tale of affection that made him feel special and valued. Then came the pivot: she introduced him to an “investment opportunity” in cryptocurrency, promising substantial returns that would secure their future together.
Blinded by her assurances and the allure of quick wealth, he followed her instructions to withdraw funds and deposit them into a Bitcoin. The money was converted into cryptocurrency and sent to a digital wallet she controlled.
It wasn’t until the woman vanished – along with his savings – that he realized he’d been ensnared in a scam.
This devastating experience is a textbook example of a “pig butchering” scam, a term derived from the way fraudsters “fatten up” their targets with affection and promises before “slaughtering” them financially.
Experts say these schemes often originate overseas, with scammers using fake profiles and scripted conversations to prey on vulnerable individuals. The North Texas man’s story is far from unique – law enforcement agencies report a surge in such cases, with losses nationwide reaching millions of dollars.
The use of cryptocurrency adds a layer of complexity, as transactions are often irreversible and difficult to trace, leaving victims with little recourse.
For the victim, the loss goes beyond money. “I took out my 401k,” he told CBS News, his voice heavy with regret. “Almost everything I had is gone.”
Gianna never wanted to speak on the phone, and the one time they video chatted, he could only see her hair.
The emotional toll is palpable – years of hard work erased in moments of misplaced trust.
Dalrymple also learned how to reverse search an image, which is how he discovered Gianna’s photo actually belonged to a woman with a large following on an online streaming platform.
Authorities are urging the public to exercise caution with online relationships, especially when money becomes part of the conversation. Red flags include pressure to invest quickly, reluctance to meet in person, and insistence on cryptocurrency payments.
