Recently, I came across a case that was so outrageous it made me gasp.

A woman in the US met a guy online who claimed to be a "successful businessman." After chatting for a few months and playing the emotional card to the fullest, the guy started to casually mention how he was making a fortune investing in cryptocurrency. Then came the classic plot—"I'll teach you," "this platform offers steady returns," "just follow my lead."

She believed him. She emptied her retirement savings, took out a mortgage on her house, and ended up investing nearly $1 million into a so-called "investment platform" that didn’t even exist. The numbers on the account grew rapidly, but when she tried to withdraw? The system showed "account frozen," and customer service demanded another $1 million to unlock it.

When she was on the verge of a breakdown, she told the whole story to ChatGPT. The AI immediately identified it: classic scam, call the police right away. Only then did she finally realize what had happened.

Cases like this are extremely damaging to the entire industry. The public already has biases against cryptocurrency, and now there’s another “million-dollar scam” label attached. Not only does this further drag down the industry’s reputation, but regulators will likely use it as an excuse to roll out even stricter review policies, possibly affecting legitimate projects as well.

A few words from the heart:

There’s no such thing as a free lunch, and no one is going to drag you along to pick one up. Anyone who approaches you out of the blue, shows concern, and then suddenly shifts the conversation to investing on some “exclusive platform” is almost certainly setting a trap. The emotions are fake, the platform is fake—the only thing that’s real is your money.

Be extra cautious before making large transfers. Search, ask, verify—a scam that even AI can spot is one we definitely shouldn’t fall for. If ChatGPT can be a lifesaver, that just shows how easy it is to check information.

One last thing: Cryptocurrency itself is just a tool. A knife can be used to cut vegetables or to harm people—the problem is never with the knife. What you really need to watch out for are the scammers who disguise themselves in the promise of “financial freedom” and prey on human greed and wishful thinking.

The first lesson for surviving in this space isn’t how to make money—it’s how not to lose your principal.