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What is the 'pig butchering' scam? How fake relationships lead to crypto theft
Experts say scammers spend weeks building trust before steering victims to crypto investments, and at least 90% never recover their money, Castilho said.
- "Pig butchering" scams target victims through dating apps, texts, and social media, where scammers build fake romantic relationships to steal money and cryptocurrency.
- Scammers spend weeks gaining trust by flaunting lavish lifestyles before guiding victims to convert cash into cryptocurrency through ATMs and fake websites designed to appear legitimate.
- Digital forensics expert Wanderson Castilho identified constant availability, rapid love declarations, and early money requests as red flags: "When they are 24-7 available, this must be a scam."
- At least 90% of victims never recover their money, according to Castilho, while the FBI recently investigated a case involving the theft of nearly $1 million in cryptocurrency.
- Experts advise victims to document all cryptocurrency transactions and wallet addresses, then file a formal complaint with the Consumer Financial Protection Bureau to report the fraud.
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Cyber fraud scams involving investments in fake cryptocurrency platforms that gain trust through matrimonial websites are on the rise, and a Bengaluru man has lost lakhs of rupees. When he tried to withdraw the money he invested, the website told him to pay taxes and other charges. He realized that he had been cheated and filed a complaint after paying the additional money as instructed.
JPNN.com, JAKARTA - Digital-based love scamming crimes are now a serious threat, the number of which continues to skyrocket.
·Indonesia
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Total News Sources30
Leaning Left2Leaning Right0Center26Last UpdatedBias Distribution93% Center
Bias Distribution
- 93% of the sources are Center
93% Center
C 93%
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