How the scam worked
Johansson said his wife, who chose not to appear on camera with Fox 6 News, first discovered the investment on Facebook and was drawn in by the promise of quick, impressive returns.
She initially put in $30,000 and was told her money had nearly doubled within weeks. Encouraged by what seemed like a windfall, she ultimately invested a total of $55,000.
When she tried to cash out her $100,000 in supposed crypto earnings, she was told she needed to pay another $30,000 in taxes and fees. She paid it — bringing her total investment to $80,000, before finally realizing it was a scam.
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Learn MoreFake gains, real losses
The Federal Trade Commission (FTC) reports that Americans lost $5.7 billion to investment scams in 2024, a category that includes but is not limited to crypto scams. Losses specifically attributed to cryptocurrency as the payment method were reported to be $1.4 billion, which is likely an undercount since FTC figures rely on self-reported consumer data.
Crypto scams are getting more sophisticated, especially with so-called pig butchering schemes. Pig butchering is a sophisticated, long-term scam that combines elements of romance fraud, catfishing and investment schemes, most involving cryptocurrency. The term comes from the idea of "fattening up" the victim (the "pig") with attention and trust before "slaughtering" them by stealing their money.
Such scams use a common tactic: fake dashboards that mimic real crypto exchanges, complete with charts, balances and support chatbots. They’re designed to make the victim feel confident and stay invested longer.
These platforms also often use AI-generated customer service reps who pressure users to add more funds or pay phantom fees to unlock withdrawals.
Why these scams are hard to stop
When the couple reported the crime, police offered a grim forecast, their money was likely gone.
"She has a really hard time sleeping at night," Johansson said of his wife.
“She now has a lot of trust issues."
Crypto scams thrive in the gray area between regulation and anonymity. Many of these fake platforms are hosted overseas, registered under shell companies and use untraceable payment methods like crypto-to-crypto transfers.
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Discover the secretHow to avoid falling into the same trap
Unfortunately, stories like this are becoming more common. One analysis suggests that crypto scam activity rose 24% between 2020 and 2024. But there are ways to protect yourself.
Beware of social media ads. Many scams begin with a flashy ad on Facebook, TikTok or Instagram.
Check the broker’s credentials. Use the Financial Industry Regulatory Authority’s BrokerCheck or the Securities and Exchange Commission’s Investment Adviser Public Disclosure database to vet any firm.
Don’t pay fees upfront. Legitimate platforms deduct fees from withdrawals, not before.
Watch for urgency. Scammers often use high-pressure tactics to get you to act fast.
Talk to someone. Before investing large amounts, run it by a friend, financial advisor or your spouse.
Johansson shared the couple’s story to help others avoid the same fate.
“If it sounds good to be true,” he said, “it’s fake.”
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