U.S. authorities have warned about the 'pig butchering' crypto scam, noting that 'The term pig butchering basically comes from a farmer fattening up the pig before they slaughter.' cryptocurrency
U.S. authorities have warned about the rising popularity of a crypto scam known as “pig butchering.” The Federal Bureau of Investigation explained: “The fraud is named for the way scammers feed their victims with promises of romance and riches before cutting them off and taking all their money.”U.S. authorities have been warning about a type of cryptocurrency scam called “pig butchering” that has been growing in popularity at an alarming rate.
According to one victim of the pig butchering scam, initially, he was able to make a few withdrawals from the crypto account without a problem. Everything looked legit until he received a message telling him he had to pay more than $204K in deposits to be able to access his account.Once they [the victims] 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.
The Singapore-based Global Anti-Scam Organization is a non-profit staffed 24 hours a day to help victims of pig butchering. Grace Yuen, a Massachusetts-based spokesperson for the organization, described: