Guard your heart and guard your money. One investigator found that one in 20 approaches on dating apps in San Francisco are for 'pig slaughtering' crypto scams.
and pig slaughtering in April, noting that its Internet Crime Complaint Center received more than 4,300 complaints in 2021, resulting in more than $429 million in losses. It stated the scam first originated in China in late 2019 but has since become more prevalent in the United States.
R’s case, in particular, is notable as she is an IT manager from the Bay Area who lost around $1.3 million to the scam after first being approached via LinkedIn. Despite being well versed in computer tech, R stated that the scammer’s professional profile managed to win her trust by being listed as an alumnus of the same top tech university that she graduated from in China.
After the conversation moved over to WhatsApp, the scammer worked for a month before finally persuading R to invest in crypto via a dubious website that swiped her funds:Cy, a real estate analyst, lost $1.2 million over two months and ended up in psychiatric care after suffering suicidal thoughts.“I lost more than just money. I lost my self-confidence,” said Cy. “I have ruined my family’s lives.”
The Global Anti-Scam Organization believes Silicon Valley workers are increasingly falling victim to these scams due to overconfidence in tech-savviness, loneliness due to the pandemic and an interest in gaining crypto exposure.
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