Federal investigators say cases of this fraud, known as 'pig butchering,' are growing rapidly across California, specifically targeting Asian Americans.
It all started last October on WhatsApp.
"Someone approached me. I thought it was my old colleague from my previous job," CY said. "She gained my trust. I was vulnerable at the time with my dying father."CY said she began messaging him every day for a month. After learning about his dying father, she offered him an opportunity with cryptocurrency as a way to help with funeral costs. CY didn't tell his family at the time.
"I have a financial and accounting background, so I was being careful," CY said. "I started with $5,000, $10,000 just to see how it is."CY sent money from his bank to a legitimate crypto-trading site. The funds eventually went to a platform Jessica sent him to make the trades. While the app she sent him appeared legitimate, CY learned the hard way that it wasn't.Four days after his father died, CY lost his first $500,000.
In total, CY lost $1.2 million and liquidated his entire portfolio, which included 30 years' worth of savings, including his daughter's education fund."It's just been a nightmare," he said in tears. "Stay away from cryptocurrency."CY is the victim of the scam known as "pig butchering.
"Once they see how easy it is to invest, they see a rise in their screen account and then they end up investing their entire life savings in a matter of days," said U.S. Secret Service Special Agent Shawn Bradstreet. "The counterfeit sites used can look legitimate, but the money is going straight to the criminals."
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