Pig Butchering Scam: Crypto Fraud
The Pig Butchering scam has emerged via text messages and consists of a combination between online dating and investment fraud. The expression “pig butchering” was chosen because it involves a time-tested, super-scripted, and contact-intensive complex to fatten the pig before slaughter. Does it make sense? But there is more.
What Is The Pig Butchering Scam Exactly
The pig butchering fraud originated in Southeast Asia and, unfortunately, is spreading globally. Did you ever receive a text message from an attractive person on Facebook, Instagram, WhatsApp, Viber, Telegram, or any other platform? This scam is perpetrated by a ring of cryptocurrency fraudsters who mine dating apps and social media websites in search of victims. And it’s super easy for them. It’s because people want attention, and a compliment goes a long way.
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The pig butchering scam involves a criminal creating a fake profile on social media. He uses this to reach out to potential victims, very often through social media or various dating sites, and even text messages, masquerading as an incorrect number. The purpose is to initiate a cordial discussion with the future victim. These victims, in time, will become a “very good friend” or, most of the time, a “lover.”
Here are some screenshots of how scammers start luring in their prey:
The scammer creates reasons to continue a conversation. After getting trust, the relationship will lead to multiple calls. The purpose? They slowly build a relationship so they can be part of the victim’s daily life. As time goes by, the scammer introduces the idea of investment. As the crypto industry is still new and everyone has heard of the substantial money-money opportunity, yet very few know how it works, the trap is simple.
How It Works
The scammer recommends the victim to make a business investment using cryptocurrency. The crook uses powerful verbiage with tempting promises. He employs persuasion rather than asking for money right away for a simple reason: he knows that people are smarter these days (but not THAT smart) and are aware that being asked for money by a stranger is a red flag.
Step by step, the victim is gradually pulled into what seems to be benign talk about new cryptocurrency investments and earnings. However, they are just being manipulated to invest.
The Pig Butchering scammer convinces the target to invest in crypto platforms. When the victim is ready, the crook refers them to a scam site that looks authentic. Needless to say, it is owned by the scammer. Not only that, it gets more complex. The target is encouraged to invest small amounts in the beginning with the purpose that they win in the beginning.
That’s how it starts. The victims win a couple of tiny hands while the criminal ensures to provide some gain on the investment. That’s where the trust gets even stronger. The scammer may even allow the victim to withdraw money. Whether it’s one time or a couple of times, the act of winning convinces the target that the cryptocurrency investment is legitimate. And that’s where it happens.
Fattening The Pig
Having the experience of winning not just online but with the cash withdrawn too, the victim falls hard. It is persuaded by criminals to invest larger amounts in the fake crypto app. We received at Scam Detector emails from many victims who lost over $100,000.
As you can imagine, the fraudster “fattens the pig.” Once all the money is sent to the bogus platform, the scammer disappears, taking all the victim’s investment. Hence the term “Pig Butchering.”
While this scam typically uses a crooked romance as a tactic, criminals can also promote other types of personal or professional relationships. Remember that they are experts who manipulate their victims as they deal with several targets simultaneously.
7 Signs of a Pig Slaughtering Scam
- Strangers send you random text messages out of the blue.
- They avoid conversations with video.
- Scammers ask you to move the conversation from text to WhatsApp or Viber.
- Strangers start chit-chatting about their insider investments.
- When advanced in the process, the URL of the app they recommend differs from the official site of a trendy exchange, market, or cryptocurrency app they referenced. However, it may look very similar.
- The investment platform generates untrustworthy warnings when initially opened. Your computer’s antivirus software may also mark it as suspicious.
- As the adage says, “what seems too good to be true, it probably is.”
7 Tips To Stay Safe
- Never send money, trade, or invest after the advice you get from someone you have only met online.
- Never talk to strangers about your financial position or investments.
- Avoid sharing personal information, sensitive data, or your current financial status.
- Never provide your banking information, SSN (social security number), ID, or passport to anyone online.
- If a crypto or trading site guarantees high profits, stay away.
- Ignore individuals who urge you to act fast, claiming they have exclusive opportunities.
- Verify the crypto platform’s website on Scam Detector’sDetector’s website validator, using the tool below:
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How To Report The Pig Butchering Text Scam
Warn your family and friends know about the Pig Butchering Text scam by sharing this article on social media today. You can also officially report scammers and any other suspicious activity to the FTC (Federal Trade Commission) using the tool below:
How To Protect Yourself More
If you want to be the first to find out the most notorious crypto scams every week, feel free to subscribe to the Scam Detector newsletter here. You’ll receive periodic emails – no spam.
Meanwhile, educate yourself with some other crypto fraud-related articles right under this paragraph. Last but not least, use the comments section below to expose other crypto scammers.
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Oxfordchain.io is a total scam. Lost $1700 in crypto and got ghosted. Typical scenario with attractive lady online promising huge returns.
i have been a scam Victim. Ubisoft investment bitcoin…
It started on Facebook as Comment on a debt relief post. it was supposed to be $500 to get $5700 in debt relief.. I was suckered into it. Then the fees started. It never pays. hey had me create a trust walket account.
I was sent money … except i. t was view only…they always smash No more fee acter this one. But it never stops. help. I lost so much. Just trying to get out..
I feel I might be targeted for a “Pig butchering scam.” My initial contact was through Nextdoor.com. The young ladies name is Sukey Tan, who recently moved her parents to my town, but has returned to Toronto in Canada to complete the sale of her company and personal property before moving to my town herself. I was initially offered an opportunity in crypto to work with her uncle, Lipbu Tan, or Lip Bu Tan, who has a company of Crypto Market Analysts. Using Coinbase.com and CoinroutesPro.com, he instructed me through three training sessions, to access three different cryptocurrencies as they made lucrative advances, stop, and pull the funds to Coinbase.com. Altogether, I pulled close to $500.00 during these training sessions. Then, I read about this scam and ceased contact with Lip BuTan. Sukey Tan, however, is still in touch with me, directing me to Safepal.com to deposit $5,000.00 in a Safepal Wallet. Then she is to give me some kind of deal that will allow me to benefit from daily deposits of $50.00. This is through some Blockchain Certification Project. They use USDT to increase the basic computing power and speed up transactions, and charge a handling fee. I get $50.00 a day based on my deposit in a Safepal Wallet. Is this a different scam than Pig butchering?
Is this http://www.globalcoin88.com/ real? how to withdraw? I’ve tried for nothing. Any idea? 100% SCAM?
globalcoin88 is nothing but a scam and won’t let you withdraw. Reach +12292328882 on whataqq like I did so you can get all your withdraws.
I was conned by this company after so many false promises .I would advise you not to put money in here as I got salvaged by againstcon.com . Be wary of fake investment companies
Beware of this scam, it has become the new order of the day. I have been a victim but I’m currently seeking help and I will be happy to share when I get a positive result.
Monica, I had it the same I went too down in thuscam it was terrible that I lost all but was able to get all back with the aid of capeware. tech. Becareful of how you invest out there.
Monica, I had it the same I went too down in thuscam it was terrible that I lost all but was able to get all back with the aid of capeware. tech. Becareful of how you invest out there.
I was a victim of such, it was a hard pill to swallow at the beginning. I later got aid from colonyhorizon.tech who came to my aid and I got back all from the scheme
Pig butchering scams from http://www.bitso-crytpo.top and http://www.cemgroupro.com. Deposited funds, now locked unless I give more money.
I fell for the Pig Butchering Scam it was terrible, I lost 45000. I am tired of scams, help!!!
An Amazon site listed a jacket for a ridiculously low price plus $9 shipping. I bought it and then they emailed me, asking that I cancel the order because they were sold out. Days later the item is still listed for sale, but at a slightly higher price (approx $40 instead of $20). So far I refused to cancel the order which is listed as SHIPPED and picked up by carrier, with a delivery date. Is this a known scam or a genuine mistake?
I have been scammed by another Amazon scam. I ordered and paid for a mystery box. It looked so genuine, here we are 2 years later and still nothing. How can something be in transit for 2 years? The another from a nonexistent e shop, a cheap remote control mower, delivered to the other side of Australia. Needless to say, I am now very wary of things that look to good to be true.