An old crypto scam has a new moniker, and it’s costing investors millions. ‘Pig butchering’ has plagued the crypto economy. This recent crypto scam has emphasized the necessity of fraud awareness. In summation, pig butchering features a smart new twist that blends romance fraud and an investment scam.
Pig butchering scam: How it works
Pig butchering scams began in Southeast Asia and have since spread worldwide. This scheme is mostly carried out by a group of crypto-scammers that mine dating apps and social media sites for victims. Are you familiar with the Netflix original Tinder Swindler? The documentary is Comparable to pig butchering but with a crypto-based foundation.
Pig butchering entails a con artist creating a fake profile to contact potential victims, typically via social media, WhatsApp, Tinder, other dating sites, or random SMS. These con artists then pose as an erroneous number or an old friend. The objective is to establish a friendly conversation with the victim in an effort to become their “new buddy” or “lover.”
The new acquaintance generates excuses to extend a conversation, resulting in many phone calls. They cultivate a gradual relationship in order to integrate themselves into the victim’s daily routine. While creating trust with the victim, they gradually offer the concept of investing in a business using crypto.
The furry friend uses persuasion rather than directly seeking money since they are aware that individuals are clever and…