Pig Butchering

You may have encountered this on a social media platform. I was approached by a pig butcher on LinkeIn. For me the warning signs (see below) moved from step 1 to step 2. That's what alerted me and confirmed my suspicions. Here's an explanation of what this scam is all about.

What Is the Crypto Scam Called "Pig Butchering"?

Pig butchering is a type of cryptocurrency scam that combines elements of romance scams, investment fraud, and social engineering. It originated in China and is known as “shā zhū pán” (杀猪盘), which literally means “butchering the pig.” Here’s how it works:

How It Works:

1. The "Pig" Is Fattened:
   The scammer first establishes contact with the target via dating apps, social media, or messaging platforms, pretending to be wealthy or successful. They build a relationship over time to gain trust—this is the "fattening" phase.
2. Introduce Investment:
   Once trust is gained, the scammer introduces the idea of crypto investment, claiming to have inside knowledge or access to a lucrative trading platform. They may show fake profits.
3. Initial Successes:
   The victim is encouraged to invest a small amount and often sees fake returns, which makes them more likely to invest larger sums.
4. The Butchering:
   After a significant investment, the victim is told they cannot withdraw funds unless they pay additional fees, taxes, or penalties. Eventually, the platform disappears or blocks them—leaving the victim with nothing.
5. Professional Operation:
   Many pig butchering scams are run by criminal syndicates, sometimes involving trafficked labor forced to operate the scam.

Warning Signs:

• Sudden contact from a stranger on social media or dating apps.
• Conversation quickly moves to private messaging apps (WhatsApp, Telegram).
• Talk of crypto investing or exclusive financial opportunities.
• Promises of guaranteed or too-good-to-be-true returns.
• Urgency to act quickly or invest more money.

Protect Yourself:

• Never invest with platforms you can’t verify independently.
• Be skeptical of online relationships that shift toward financial topics.
• Do your own research before sending money or cryptocurrency.
• Avoid sending funds to someone you’ve never met in real life.