"Pig Butchering" Crypto Scam

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How it works:

    • The scammer targets a victim on a dating app like Tinder, initiating a romantic relationship that’s exclusively online.
    • Through online chats, a level of trust is established.
    • Inevitably, the “lover” encourages their target to invest in cryptocurrency, commonly directing them to a fake website or app that is secretly controlled by the scammer.
    • After the victim has agreed to invest some money in the phony platform, the lover disappears (along with the money) - never to be seen again.
    • Once the victim starts getting skeptical or tries to withdraw their funds, they are often told that they have to pay tax on the gains before funds can be unlocked.
Here are some common elements of a pig butchering scam:
  • Dating apps: Pig-butchering attempts are common on dating apps, but they can begin with almost any type of communication, including SMS text messages.
  • WhatsApp: In virtually all documented cases of pig butchering, the target is moved fairly quickly into chatting with the scammer via WhatsApp.
  • No video: The scammers will come up with all kinds of excuses not to do a video call. But they will always refuse.
  • Investment chit-chat: Your contact (eventually) claims to have inside knowledge about the cryptocurrency market and can help you make money.
Here’s how to protect yourself:
  • Never send money, trade, or invest based on the advice of someone you have only met online.
  • Don’t talk about your current financial status to unknown and untrusted people.
  • Don’t provide your banking information, Social Security Number, copies of your identification or passport, or any other sensitive information to anyone online or to a site you do not know is legitimate.
  • If an online investment or trading site is promoting unbelievable profits, it is most likely that—unbelievable.
  • Be cautious of individuals who claim to have exclusive investment opportunities and urge you to act fast.











eFraud Prevention™, LLC