Scammers Using WhatsApp for Pig Butchering Schemes: $75 Billion in Global Losses
Pig butchering scams have been a growing concern globally, causing over $75 billion in losses since 2020. In 2024 alone, crypto fraud reported in the US reached $9.3 billion.
The scam typically starts with an unsolicited WhatsApp message from an attractive woman posing as a financial professional. She builds trust through daily messaging before introducing a cryptocurrency investment opportunity.
The victim is directed to a fake trading platform that shows fabricated profits and rising balances, convincing them to invest larger sums. However, when the victim tries to withdraw their money, the platform demands additional fees, which are actually just a way for the scammers to extract more funds.
A recent case in June 2026 saw six defendants ordered to pay $5.5 million for operating the NanoBit fake crypto platform, which defrauded 18 victims of approximately $967,000.