Crypto Scam Victim Loses $2.5 Million in Elaborate Scheme

A Florida man fell victim to a sophisticated cryptocurrency scam, losing $2.5 million after months of manipulation. Richard Dunlap of Cocoa Beach was targeted through social media, where a stranger gained his trust before promoting a fraudulent investment opportunity.

The scheme began with a Facebook friend request from a woman claiming mutual connections. After months of daily conversations migrated to WhatsApp, the perpetrator convinced Dunlap to invest in crypto, showing initial fake profits to build credibility. The scam collapsed when withdrawal attempts revealed the entire operation as fraudulent.

This case highlights the growing sophistication of crypto-related fraud, with 2025 seeing increased prevalence of deepfake technology and 'pig butchering' tactics - where scammers cultivate long-term relationships to maximize eventual thefts. The incident underscores the critical need for investor education and platform security measures as digital asset adoption grows.