A new form of cryptocurrency scam has lately emerged in the market. The majority of cryptocurrency thefts take place on dating apps using a fraud known as “pig slaughtering.” Several cases of Silicon Valley’s lonely hearts being duped by crypto ‘pig slaughter’ scams have been documented.
A person or group creates false ties and trust with a target in the pig slaughtering scam. As they try to gain the individual’s trust, the process could last weeks or even months. Their prey has been fattened up once it has been wrapped around their finger.
Finally, they would induce the target to shift some crypto coins to untrustworthy wallet addresses in order to perfect the actions. Then, on the other hand, they may entice the prey to invest in cryptocurrency or participate in copied websites—any lawful ones.
Scammers deactivate their dating app profiles as soon as they collect the payments in order to disguise their identities. As a result, the victim suffers a significant financial loss that could total millions of dollars at the end of the day.
Many people are now adopting the pig slaughtering hoax, according to an investigator for Sift, a cybersecurity organisation. She claims that in San Francisco, around 5% of the people she encounters use this fraudulent tactic.
During their operation, the scammers would engage their victims in discussions using encrypted messaging. On networks like WhatsApp, it can take many minutes or even hours to appear genuine and authentic.
They’ve switched their communication away from dating apps and social media and onto a more private platform. They do, however, avoid physical meetings that could lead to long-term accusations against the individuals.
So, readers, please beware of such scams.
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