‘Pig butchering’ scam uses fake crypto investments to target victims

, Fla. —

A scam known as pig butchering, where scammers build trust with victims before stealing their money through fake cryptocurrency investments, is becoming increasingly common, experts say.

The scam is named after the practice of fattening pigs before slaughter, as scammers “feed” their victims false attention before taking their money. It often begins through text messages, dating apps, or social media, where scammers search for potential victims. They may spend weeks or even months talking to the victim, showcasing a lavish lifestyle to appear successful, and eventually introducing the idea of investing.

Once trust is established, scammers propose an investment opportunity related to crypto assets, guiding victims to convert their cash into cryptocurrency through publicly known exchanges, ATMs, or digital wallet services. In some cases, scammers direct victims to fake investment websites or digital wallets that appear legitimate, even showing up in app stores. However, when victims attempt to withdraw their money, they find it inaccessible.

Wanderson Castilho, a digital forensics expert who helps people identify scams, highlighted several warning signs.

“When they are 24-7 available, there’s no type of people, you know, this must be a scam,” Castilho said. “And one day you always keep bringing that they are failing love right away. This is another, you know, red flag. And the last one, when they bring up money, this is definitely the red flag.”

Castilho said that at least 90% of the time, victims never recover their money.

Experts advise that anyone who believes they may have fallen victim to this type of scam should keep a record of all cryptocurrency information, including the wallet address associated with the scammer and all financial transactions. They also recommend filing a complaint with the Consumer Financial Protection Bureau.

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