Pig Butchering Scams Devour $5.8 Billion in US Crypto Losses

Pig butchering crypto scams have become a growing concern in St. Louis, Missouri, and across the United States. In 2023, Americans lost $9.3 billion to cryptocurrency-related fraud, a 66% increase from the prior year, according to the FBI's Internet Crime Complaint Center (IC3). Pig butchering schemes alone accounted for roughly $5.8 billion of those losses.

The scams typically begin with an unexpected message or apparent romantic interest that gradually builds trust before introducing a trading opportunity. Victims may transfer savings, retirement funds, or borrowed money into wallets and platforms showing fabricated profits.

When withdrawals fail, additional demands create deeper losses. A prompt legal review can help preserve evidence, identify responsible parties, and assess potential routes for financial recovery.