An elaborate fraud ring has emerged that combines the intimacy of romance scams with the wild west of crypto cons: Pig Butchering. In this scam, the victims are referred to as pigs being prepared for slaughter—they’re raised for their meaty profit under the promise of “happily ever after” and big crypto wins. In reality, the victims are everyday people who are left financially and emotionally devastated. The cybercriminals operating this long con spend months gaining online daters’ trust, using romance and the lure of fast crypto returns to swindle victims out of their savings and cause sometimes irreparable financial harm, on top of lasting emotional and psychological trauma.

Read more:

Lee, J. (2022, February 22). Sift Fraud Alert: Pig Butchering scam couples romance with crypto. Sift. https://blog.sift.com/sift-fraud-alert-pig-butchering-scam-couples-romance-with-crypto/