The FBI has issued an alert about a growing crypto scam scheme known as âPig Butchering.â This type of fraud uses psychological manipulation tactics to convince victims to invest in fake cryptocurrencies.
đHow Pig Butchering Scams Work
Scammers use social media and dating apps to establish relationships with their targets, gaining their trust by creating a false personal connection. They then pose as investment experts or cryptocurrency traders and convince victims to invest in fraudulent crypto platforms.
đManipulation tactics
Scammers use several tactics to keep victims engaged:
âąâ â They show fake earnings in the victims' accounts.
âąâ â They offer promises of high returns.
âąâ â They establish a personal and emotional relationship with the victims.
đConsequences
Once victims attempt to withdraw funds or make transactions, the scammers disappear, leaving them without access to their money.
đPrecautions
To avoid falling for these scams, it is important to:
âąâ â Research the investment platform before committing.
âąâ â Do not provide personal or financial information to strangers.
âąâ â Be wary of promises of high returns without risk.
âąâ â Verify the legitimacy of the platform and investment experts.
đš FBI Actions
The FBI has increased its surveillance and work with state authorities to combat these scams and protect citizens.
âđ» Scam Report
If you believe you have been a victim of a Pig Butchering scam, report the incident immediately to the FBI or local law enforcement.
