Is a new friend on Instagram who mentions cryptocurrency a scammer?
Very likely yes. Strangers on Instagram who befriend you then introduce cryptocurrency investments are running a well-documented romance or investment fraud.
Last reviewed: 1 June 2026
Explanation
Instagram-based investment fraud follows a predictable arc: a stranger sends a follow or like, initiates friendly conversation over days or weeks, builds rapport, and eventually introduces a cryptocurrency platform or trading opportunity. They may show screenshots of their own profits or offer to guide you personally through your first investment. The platform they recommend is either entirely fake or configured to show inflated balances you cannot withdraw. Any profits shown are a lure to encourage larger deposits. The emotional investment created during the 'friendship' phase is deliberate — it makes victims less likely to question the opportunity and less likely to seek outside advice before sending money.
Common red flags
- New Instagram contact with a professionally curated profile reaches out unprompted
- Conversation quickly moves to WhatsApp or Telegram
- Crypto investment opportunity is introduced after a period of rapport-building
- Platform recommended is not on any regulator's approved list
- Friend claims to have made exceptional returns in a short time
What to do now
- Do not invest based on advice from someone you met online and have never met in person
- Search the platform name on your financial regulator's register
- Reverse image search the person's profile photos
- Report the account to Instagram using the in-app report function
Frequently asked questions
What if the platform seems to have a working withdrawal feature initially?
Initial small withdrawals are sometimes permitted to build trust. They may be funded by the scammer to encourage larger deposits. This is called the 'fattening' phase of pig-butchering fraud.