'Pig Butchering' Scam Lures Victims with Fake Relationships, Cryptocurrency Theft
A growing scam known as 'pig butchering' is targeting victims through texts, dating apps, and social media by building fake relationships to steal their money. Scammers often spend weeks or months gaining trust by showering attention and flaunting a lavish lifestyle to appear successful.
Once trust is established, they propose investment opportunities related to cryptocurrency, guiding victims to convert cash into crypto through publicly known exchanges, ATMs, or digital wallet services.
Digital forensics expert Wanderson Castilho warns of warning signs, including being '24-7 available' and claiming an instant connection. He also cautions about the sudden introduction of money and financial discussions.
Castilho notes that in at least 90% of cases, victims never recover their stolen funds. Experts advise keeping a record of cryptocurrency information, including wallet addresses and transactions, and filing complaints with the Consumer Financial Protection Bureau if affected.