The U.S. Department of Justice recently announced the seizure of approximately 112 million USD in cryptocurrency, which was found to be connected to the notorious crypto scam known as "pig butchering."

Understanding the Pig Butchering Scam

Pig butchering scams, which originated in Southeast Asia, have now become a global phenomenon. These scams are primarily carried out by cryptocurrency scammers who scour dating apps and social media sites in search of victims. The modus operandi of this scam involves creating a fake profile to reach out to potential victims, often through social media such as WhatsApp, Tinder, or other dating sites, or even through random texts, pretending to be an incorrect number or an old acquaintance. The goal is to establish a friendly rapport with the victim, posing as their "new friend" or "lover."

The scammers gradually build a relationship with the victim, attempting to gain their trust and insert themselves into their daily life. They employ persuasion techniques to gradually introduce the idea of making a business investment using cryptocurrency. Unlike requesting money outright, the scammers use persuasion as they are aware that people are cautious about giving money to strangers, and such requests could raise red flags. The victim is slowly drawn into seemingly benign conversations about cryptocurrency investments and earnings, but in reality, they are being manipulated into making an investment.

Once the scammers have gained the victim's trust, they persuade them to invest in cryptocurrency and refer them to a fake website or app that appears authentic but is controlled by the scammer. In the initial stages, the victims are encouraged to invest small amounts, and the scammers ensure that the victims see modest gains on their investments. They may even allow the victims to withdraw money once or twice to create an illusion of legitimacy.

As the victims become more comfortable and confident with these fake investments, the scammers gradually persuade them to invest larger amounts, sometimes totaling hundreds of thousands of dollars. Once the victims send their money to the fake investment app, the scammer disappears, taking all the money with them and leaving the victims with significant losses.

Scammers employing pig butchering scams may not only rely on romance as a tactic, but could also establish other forms of personal or professional relationships with their intended victims.

Conclusion

It is crucial to be vigilant and cautious when approached by strangers, especially on dating apps, social media sites, or other online platforms. Beware of persuasive individuals who try to establish relationships with the intention of luring you into making investments in cryptocurrency or other schemes. Always verify the authenticity of websites or apps before investing money, and never send money to unknown individuals or entities. Remember, if something seems too good to be true, it most probably is. Stay informed, remain cautious, and protect yourself from pig butchering and other types of cryptocurrency scams.

Sources: www.justice.gov, www.michigan.gov, www.techtarget.com