The FBI has issued a warning about a new romance scam known as "pig butchering," which is among the fastest-growing scams in the U.S. Scammers lure people into fake crypto investments while promising romantic and long-term companionship.

The fraudster provides a small return on the initial investment, luring victims into a trusting situation before asking for a significant amount of money. The Alabama Securities Commission reports that 88 people collectively lost more than $22 million to this scheme, falling prey to slick-looking fake websites.

Cybersecurity experts point out that crypto's lack of oversight and regulation makes it much more difficult to catch these scammers.