The name comes from the idea of "fattening up" a victim before the final move. A scammer makes contact, often through a dating app, a wrong-number text, or social media, and invests real time and effort building trust — sometimes over months — before money ever comes up.
Once trust is established, they introduce a cryptocurrency "opportunity": usually a slick-looking trading platform or app that shows impressive, steadily growing returns. Early small withdrawals are often allowed to work, specifically to build confidence before larger deposits are requested.
Eventually the victim is encouraged to deposit increasingly large sums — sometimes their life savings. When they try to withdraw a significant amount, the platform invents fees, taxes, or account "verification" requirements that demand even more money before release — and the funds are never actually returned.