Fake Relationships and Crypto Investments: The 'Pig Butchering' Scam

A scam known as 'pig butchering' has been targeting victims through texts, dating apps, and social media. Scammers build fake relationships to gain trust before proposing investment opportunities in cryptocurrency.

They often flaunt a lavish lifestyle to appear successful and may direct victims to publicly known exchanges or digital wallet services. However, when victims attempt to withdraw their money, they find it inaccessible.

Digital forensics expert Wanderson Castilho advises identifying warning signs, including excessive availability, sudden declarations of love, and discussions about money.

Castilho estimates that at least 90% of the time, victims never recover their funds. He recommends keeping records of cryptocurrency information and filing complaints with the Consumer Financial Protection Bureau.