Bitcoin scams called “pig slaughtering” are becoming alarmingly popular
There’s a new kind of Bitcoin scam, and it sounds so bizarre: it’s called “pig slaughtering,” and you definitely don’t want to be on the chopping block.
As the scam’s name suggests, “pig slaughtering” refers to how a target is “fatted” before being “slaughtered.”
This form of bitcoin fraud occurs when a fraudster recruits victims using social media or dating services such as Tinder and Linkedin and establishes “trust” with the victim over weeks or months.
‘Pig Slaughter’ Bitcoin Scam Spreads Worldwide
“Slaughter of Pigs”, also called by the Chinese translation “Sha zhu pan”, is a strange mixture of an investment scheme and a romantic scam that aims to manipulate lonely netizens and take everything they have.
The scam originated in Southeast Asia and is currently spreading across countries and languages, transforming into a global deception.
Typically, the scam involves the scammer interacting with the victim via SMS or WhatsApp, pretending to be a wrong number or an old acquaintance, and immediately starts a cordial discussion with the victim.
These scammers are getting better at using persuasion rather than direct requests for money as a result of the fact that many individuals are aware of how to avoid being asked for money.
The victim is gradually drawn into what appears to be a benign talk of bitcoin investment and earnings, but is actually a “grooming” stage where they are prepared to make an investment.
Typically, the “lover” convinces the target to invest in bitcoin, referring them to a fake website or app that is covertly managed by the scammer.
The victims actually get a “return” on their investment
Some victims are even given a small amount of funds that are supposedly “returns” on their investments, in an attempt to entice them to invest even larger amounts.
After the victim invests money in the fraudulent platform, the lover disappears – along with the money, of course – never to be seen again.
Steve Belcher of Cleveland, who lost $1.6 million in the pork butcher, said:
“I always thought I’d never fall for something like that.”
Belcher was able to make a few withdrawals from the cryptocurrency account he created without issue, but was subsequently unable to access the funds.
Consumer complaints to the Federal Trade Commission about romance scams increased in 2021 compared to 2020, according to a report by The Wall Street Journal.
The number of romance scams reported to the FTC rose by nearly 70% from 2020 to 2021, reaching 56,000 cases.
Based on FTC data, victims reported losing $547 million to these scams, a 78 percent increase from the previous year.
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