'Pig Butchering' Scam Targets Victims with Fake Crypto Investments

A scam known as 'pig butchering' has been on the rise, where scammers build trust with victims before stealing their money through fake cryptocurrency investments. The name comes from the practice of fattening pigs before slaughter, as scammers 'feed' their victims false attention before taking their money.

The scam often begins through text messages, dating apps, or social media, where scammers search for potential victims and spend weeks or even months talking to them, showcasing a lavish lifestyle to appear successful. Eventually, they introduce the idea of investing in crypto assets, guiding victims to convert their cash into cryptocurrency through publicly known exchanges, ATMs, or digital wallet services.

Digital forensics expert Wanderson Castilho highlighted several warning signs, including scammers being '24-7 available' and constantly mentioning love. He also warned that when they bring up money, it's a definite red flag.