US Authorities Warn of ‘Pig Slaughtering’ Crypto Scam Becomes Alarmingly Popular – Featured Bitcoin News

U.S. authorities have warned of a growing popularity of a crypto scam dubbed “pig slaughtering.” “This fraud is named because the scammers feed their victims with promises of romance and wealth, then cut them off and take all their money,” the FBI explained.

‘Pig slaughter’ cryptocurrency scam on the rise

U.S. authorities have been warning of a cryptocurrency scam known as “pig slaughtering,” which is growing in popularity at an alarming rate.

Lakewood Police Public Information Officer John Romero detailed:

The term pig slaughter basically comes from a farmer fattening a pig before slaughtering it. In this case, it was the suspects who were fattening their victims.

The police officer explained that pig slaughter scams often start on social media or dating sites like Linkedin and Tinder, where scammers find and convince victims to hand over some funds. The crooks then deposit money into a crypto account that appears to be growing in value, making the victim want to add more funds to the account. The crooks then disappeared with a large number of victims’ cryptocurrencies.

According to one victim of the pig slaughtering scam, initially, he was able to withdraw some funds from the crypto account without any problems. Everything seemed legitimate until he received a message that he would have to pay a deposit of more than $204,000 to gain access to his account.

U.S. Secret Service Agent Shawn Bradstreet commented:

once they [the victims] Seeing how easy it was to invest, they saw their screen accounts grow, and then they ended up investing their lifetime savings in a matter of days.

He added: “The fake website used looked legitimate, but the money went directly to the criminals.”

Singapore-based Global Fraud is a non-profit organization with 24-hour staff to assist pig slaughter victims. Grace Yuen, a spokesperson for the group in Massachusetts, described:

We’re seeing an influx of victims from the Bay Area… the scams continue to get more advanced, creating fake platforms impersonating legitimate crypto trading sites.

The FBI detailed in April: “This fraud is named because scammers feed their victims with promises of romance and wealth, then cut them off and take all their money.” Law Enforcement Agency Added:

It is run by a fraudulent gang of cryptocurrency scammers who mine dating apps and other social media for their victims, and the scam is becoming alarmingly popular.

Coinbase, the Nasdaq-listed cryptocurrency exchange, also warned about the slaughtering pig (pig slaughtering) investment scam last week. “Coinbase has found a worrying increase in fraudulent cryptocurrency investment platforms seeking victims through dating apps and connections on social media. We encourage our users to be vigilant about this type of social engineering scam,” the statement said. Exchange wrote.

What do you think of the pig slaughtering cryptocurrency scam? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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