Pig butchering is not about food, but about cryptocurrency scams

Randy Hutchinson is president and CEO of the Better Business Bureau of the Mid-South.

Pig slaughter refers to the practice of fattening a pig before slaughter. But the term is more commonly used today to describe at leasttype of investment fraud that often involves cryptocurrencies.

The US Department of the Treasury Financial Crimes Enforcement Network says pig slaughter scams are largely run by criminal organizations based in Southeast Asia. Low-level operators of scams may be victims of human trafficking and are forced to contact scam targets through dating websites, social media, or unsolicited text messages or calls to a supposedly incorrect number.

Once contact is established, criminals “fatten up” and eventually “kill” the victim through a series of carefully planned steps. Wikipedia describes They like:

Gaining confidence: Scams often begin with casual conversations initiated by the scammer, who may pretend to have received the victim's contact information accidentally or through a mutual acquaintance. These initial interactions are designed to build trust and may involve using attractive profile pictures to attract victims.
Presenting the investment: As trust is established, the scammer presents the victim with a fraudulent investment plan, promising significant returns in a short period. Scammers use persuasive tactics and falsified investment portfolios to convince victims of the scheme's legitimacy.
collecting money: After convincing the victim to invest, scammers raise funds, often through digital payment platforms or CRYPTOCURRENCIESto complicate tracking and tracing of transactions.
Disappearance of the scammer: Once a substantial amount has been collected, or when victims attempt to withdraw funds, scammers become unreachable, delete their online presence or create new identities, leaving victims with no way to recover their funds.

Better Business Bureau:Are you tired of robocalls? Follow the Better Business Bureau's advice to opt out of unwanted solicitations

Crypto Scam Victims Were Defrauded in Multiple Ways

In December, four men were charged in Los Angeles for stealing more than $80 million in at least 284 pig slaughter transactions. They opened accounts at numerous banks and had victims send them money to invest in cryptocurrencies. An investment platform would show significant profits, leading victims to invest even more money.

When the well dried up and the money was transferred to accounts in Hong Kong or the Bahamas, the criminals disappeared.

ProPública identified these other victims of pig slaughter:

Connecticut man mistakenly contacted by seemingly friendly stranger on WhatsApp; he lost $180,000.
Michigan woman tricked by new online boyfriend into investing money in fake investments.
A California man was tricked over a nine-day period by a woman named Jessica into sending him whatever cash he had on hand, then all of his retirement savings, and finally, anything he could borrow.
A Maryland man scammed $1.4 million after responding to repeated demands for money to pay taxes and fees to withdraw his original investment and profits.

Pig butchering is not about food, but about cryptocurrency scams

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