A fraudster is said to be “pig butchering” their victims when they gradually gain their trust before pressing them to deposit more and more of their cryptocurrency assets into fake digital wallets or websites under the scammer’s control.

“Pig Butchering” Crypto Scam, How to protect yourself?

U.S. state and federal investigators are inundated with complaints from people who have lost hundreds of thousands or millions of dollars as a result of a sophisticated investment fraud known as “pig butchering,” in which victims are seized of their money when they attempt to withdraw it after being seduced online by flirtatious strangers.

Pig butchering scammers rely on fake cryptocurrency platforms to convince their victims that they’re making money — until the scammer, and the money, disappears.

Here’s the story of how one man lost almost his entire life savings to such a scam. https://t.co/qkQx4Ed0Bc pic.twitter.com/oHTrte9cqN

— Forbes (@Forbes) September 24, 2022

The phrase “pig butchering” is a tried-and-true, meticulously planned, and labor-intensive method of utilizing false profiles on dating apps and other media to con people out of their money. Pig butchering, in a more literal meaning, refers to preparing a prey for slaughter by fattening it.

Numerous people have suffered significant losses after being duped into participating in fraudulent internet investment schemes by supposedly beautiful strangers who start chats with them online. Here is a checklist for recognizing the warning indicators.

If you’re like most people, you’ve recently gotten a text or chat message from an unknown person who had a lovely profile picture. A simple “Hello” or what appears to be mild curiosity as to why your phone number appears to be in the person’s contact book might be the opening line. These communications, however, are frequently far from accidental; rather, they mark the beginning of a scheme to trick you into engaging in a friendly dialogue, making an online investment, and finally witnessing your money vanish into the hands of a fraudster.

How to protect yourself from ‘pig butchering’

Regrettably, “pig slaughtering” is growing in popularity. According to the FBI’s Internet Crime Complaint Center, these frauds cost victims $429 million in 2021 and the amount continues to grow in 2022.

But there are many ways to protect yourself for these scamsters.

For starters, Joshua Crumbaugh, CEO of Phish firewall and a veteran ethical hacker, advises against taking investment advice from people you meet on Tinder. Be extremely cautious, he continues, “if the fund, currency, etc. arrived to you through any kind of social media or unsolicited communication.”

Additionally, Crumbaugh cautions against investing in investments with higher-than-average returns, “especially if they are able to show you quick returns and you find yourself wanting to invest additional money right after the original investment.”

“It’s important to keep in mind that tremendous opportunity always comes with an equal degree of danger when engaging with crypto, especially for persons new to the market,” advises Arad. Never anticipate risk-free high returns; they are impossible to find anyplace.

Don’t feel ashamed if you were the victim of this fraud. Santiago claims that “these folks are highly skilled manipulators.” “It’s simple to fall victim to if you haven’t heard of this type of scam.”

Resources are available from Global Anti-Fraud Org and Solidus Labs if you’ve fallen victim to this kind of scam. The FBI’s Internet Crime Complaint Center is another place where you can lodge a complaint.

Conclusion

Stay cautious, stay alert, if an offer is “too-good-to-be-true” then in all possibility it is not true. Do not be greedy for mindboggling returns. Finally there’s google search, do a little bit of research before you part with your hard earned money. It’s all there in the open we should be “aware” that these things do happen. Increase your awareness and be safe.