On Wednesday, June 18, the U.S. Attorney’s Office announced it had seized $225 million in cryptocurrency connected to pig butchering scams. The seizure involves funds stolen from 400 victims worldwide, and as CNBC reports, it’s the largest-ever seizure of its kind.
A pig butchering scam is a common type of online scam in which cybercriminals gain a victim’s trust and then convince them to invest in a fake crypto investment opportunity. It’s a cruel, crude, crypto con, but one that can be extraordinarily effective.
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Such swindles can involve elements of other scams we’ve written about at Mashable before, such as tech support scams or romance scams. In a typical pig butchering example, a cybercriminal spends time gaining the trust of a victim, in the same way that a farmer might fatten up a pig before slaughter. Once trust is established, the con artists trick their victims into investing in fraudulent cryptocurrency schemes or similar “investment” opportunities. And if the criminals gain access to your financial information, they can wipe out your bank account entirely.
This is a truly international problem. The Canadian Department of Financial Protection and Innovation warns consumers that a pig butchering scam “refers to the agricultural practice of fattening pigs before slaughter, symbolizing how scammers ‘fatten’ their victims with false attention before exploiting them financially.”
Because pig butchering scams are now an international, billion-dollar industry, consumers should educate themselves on how these scams work and how to keep themselves safe online.
How do pig butchering scams work?
These confidence scams can involve a variety of different techniques, but they typically prey on older Americans or lonely people who spend a lot of time online. The criminals might pose as a handsome man or a beautiful woman. If you’re going through a divorce, they’ll eagerly tell you about their own bitter divorce. Many times, these criminals will pose as American servicemembers or offshore oil rig workers. They’ll send fake photos and loving messages, and victims often believe they have a true friendship or deep romantic relationship with the scammers.
Over time, they convince the victim to invest money in a cryptocurrency asset or investment. They may show fake “proof” such as bank statements to make the opportunity seem legitimate. Often, they invite you to an app or platform showing impressive monetary gains, and the platform may even look very convincing. There’s just one problem — while you can put money into the platform, you’ll never be able to withdraw.
Once they’ve stolen everything they can from a victim, they move on to the next one.
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Often, victims are 100 percent convinced they’re dealing with a trusted friend, or even that their life may be in danger if they don’t continue to send funds. That’s what makes these scams so insidious.
Who is responsible for pig butchering scams?
Credit: Punnawit Suwuttananun / Moment via Getty Images
Scams like this now occur at an industrial scale. There are entire scam compounds located in countries such as India, the Philippines, and Myanmar, often connected to international cartels, criminal organizations, and militias.
Mashable previously reported on sanctions against Myanmar warlord Saw Chit Thu, who U.S. officials connected to cyberfraud and human trafficking networks. According to the U.S. Treasury Department, Saw Chit Thu and his militia, the Karen National Army, ran multibillion-dollar scam centers built on forced labor. At these scam centers, teams of cybercriminals target Americans by phone, text, email, social media, and dating apps.
That’s why it’s so important to be wary of calls, emails, texts, and direct messages from strangers.
As we’ve reported before, wrong number scam texts are often a test. If the victim responds, the scammers know they may be more likely to be victimized in the future.
Pig butchering scams evolve over time
Remember, scammers are adaptive, changing their techniques as people catch onto their tricks. We reported in 2023 on a woman who lost $450,000 in a pig butchering romance scam, and two years later, these crimes are still happening at an alarming rate.
In addition, the introduction of generative AI technologies increases the risk. It’s now relatively easy to create lifelike videos and audio. That handsome stranger sending you selfies and video messages could actually be a criminal using artificial intelligence to gain your trust.
To protect yourself from pig butchering scams, watch out for warning signs, such as:
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Scammers may encourage you to move conversations from email or phone to messaging apps like WhatsApp or Signal.
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Beware time-sensitive investment opportunities; scammers will try to create a false sense of urgency.
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Be extra cautious of any requests to send money via Bitcoin or other cryptocurrencies.
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When talking to strangers online, don’t assume they’re telling the truth about their identity.
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Instead of “trust and verify,” try “don’t trust and also verify.”
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Never purchase crypto assets for someone you’ve only met online.
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Never download files or click on links sent to you by strangers and unknown numbers.
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Be wary of strangers who send overly flattering messages or who share sympathetic stories about a sick child or a similar tragedy.
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People who refuse to join live video conferences or meet offline.
If you believe you have fallen victim to a pig butchering scam or a similar scheme, you can report the incident to the FBI. Save any specific details, screenshots, or transaction records to help identify the hackers.
Have a story to share about a scam or security breach that impacted you? Tell us about it. Email [email protected] with the subject line “Safety Net” or use this form. Someone from Mashable will get in touch.
