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What is Pig Butchering Scam in Crypto business?

Scammers are quickly growing the pig butchering scam, involving online romance, fake crypto returns, and human trafficking

By groundreportdesk
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What is Pig Butchering Scam in Crypto business?

Scammers are quickly growing the pig butchering scam, involving online romance, fake crypto returns, and human trafficking to steal millions of dollars from people. Victims around the world are finding themselves humiliated and bankrupt, without the capability of benefiting their families through generational wealth transfer.

Cyberdost, the official Twitter handle of the Ministry of Home Affairs for cyber safety and cyber security awareness, has issued a warning about a type of crypto scam known as pig butchering.

What is Pig Butchering Scam

Pig butchering is a term used to describe a fraud scheme in which scammers lure victims into investing in fake or dubious crypto platforms and then disappear with their money. The name comes from the analogy of fattening a pig before slaughtering it.

According to Cyberdost, pig butchering scams usually start with scammers contacting potential victims through social media, dating apps, or online forums. They pretend to be friends, lovers, or financial advisors and try to gain their trust and confidence.

Then, they introduce an attractive crypto investment opportunity to them and persuade them to deposit money into a crypto wallet or a fake trading platform. They might show them fake returns or testimonials as well, to convince them that the investment is legitimate and profitable.

However, once the victims have invested a large amount of money, the scammers cut off all contact and vanish with their funds. The victims are left with no way to recover their money or trace the scammers.

Cyberdost warns of crypto scam

Cyberdost has advised the public to be careful and vigilant while dealing with crypto investments and to avoid falling prey to such scams. It has also suggested some tips to prevent becoming a victim of pig butchering scams, such as:

  • Do not trust strangers who approach you online and offer you crypto investment advice or opportunities.
  • Do not share your personal or financial details with anyone online, such as your phone number, email address, bank account, or crypto wallet details.
  • Do not send money to anyone online without verifying their identity and credibility.
  • Do not invest in any crypto platform or scheme that promises unrealistic or guaranteed returns, or that asks you to pay fees or taxes in advance.
  • Do not click on any links or download any attachments that are sent by unknown or suspicious sources.
  • Do your own research and due diligence before investing in any crypto platform or scheme. Check the reviews, ratings, and reputation of the platform or scheme online. Consult a trusted and qualified financial advisor if needed.
  • Report any suspicious or fraudulent activity to the relevant authorities and seek legal help if you have been scammed.

Pig Butchering Scam: Common Warning Signs

Wrong Number Messages:

  • Scammers start by sending realistic texts or WhatsApp messages intended for someone else.
  • They continue the conversation even after you inform them of the wrong number.
  • Avoid engaging and block the number immediately.

Crypto Conversations:

  • Be cautious if someone online talks about lucrative cryptocurrency opportunities.
  • Never share financial information or invest based on their advice.
  • Block and end contact if they persist.

Love Bombing on Dating Apps:

  • Scammers move fast in online relationships, showering you with gifts and affection.
  • Stay cautious and take things slow until you truly know the person.
  • End contact and block them if suspicions arise.

High-Pressure Investment Offers:

  • Be wary of promises of guaranteed returns, especially in cryptocurrency.
  • Avoid platforms with tiered investment plans and hefty minimum investment requirements.
  • Report suspicious websites to authorities and cease contact with associated individuals.
  • You get texts from strangers An online friend talks about crypto a lot A dating match says they love you too soon Scammers try to make you feel good or bad A friend asks you to join a crypto site You have to download a crypto app You have to pay more to get more The scammer trades with your money You see a small profit at first You have to pay a big tax
  • Someone texts you by mistake A person online mentions crypto often A date acts like they are in love fast Scammers play with your emotions A friend tells you to invest in crypto You need to get a crypto program You need to spend more to earn more The scammer uses your money to trade You make a little money at the start You get a large tax bill
  • You receive texts for someone else A web friend brings up crypto frequently A match says they adore you quickly Scammers manipulate your feelings A friend invites you to a crypto platform You must download a crypto software You must invest more to make more The scammer moves your money around You earn a small amount in the beginning You owe a huge tax

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