On June 3, the Federal Bureau of Investigation (FBI) issued a warning regarding the new crypto scam. According to the reports, the swindle tactic utilised by these unscrupulous gamers is known as ‘pig butchering’. The majority of “pig butchering scam” begin on dating sites or social media, when the fraudsters communicate with their victims. The goal of the first several meetings is to establish trust and establish a connection with the victim, which might take weeks or months. The scammers persuade his victim to invest in crypto, generally by duplicating a legitimate cryptocurrency site or enticing them to transmit money to a wallet address. According to a San Francisco Examiner investigation, two tech-savvy individuals were victims of a sophisticated crypto fraud that resulted in a $2.5 million loss.
After two months of interaction with the fraudsters, one of the victims, known only as Cy, lost $1.2 million.
People have been warned about the prevalence of this form of crime by the Federal Bureau of Investigation. It issued a warning in April about romance scams and pig killing, alleging that it had received over 4,300 complaints in 2021.
Even weirder is the story of R (given name), who claims the scammers reached her on LinkedIn and won her over with a professional profile and the fact that he graduated from the same Chinese tech institution she did. The conversation quickly progressed to WhatsApp, where the con artist preyed on her for a month before persuading her to pay money to a crypto website. She had a $1.3 million loss.
She remarked:
“I never thought it could happen to me because I use tech. I’ve written software.”
Sift, a cybersecurity firm, determined that one out of every 20 individuals she engaged with on dating apps in the San Francisco region was a victim of the fraud, indicating that the scammers had been targeting a specific group of people.
Read more:
- American influencer Logan Paul behind many crypto “pump and dump” scams: Zachxbt
- FTC issues warning against social media based crypto scams
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