– A new report says crypto frauds have risen in ranking.
– Pig butchering is the new favorite for the fraudsters in the digital asset space.
– Online purchases remain the top concept to lure the victims
Beware, Bad Actors are Rising in Cryptosphere
The world was yet to recover with the rug pulls in the crypto sector, a new malicious concept pig butchering, has entered the game. According to a report published by Better Business Bureau Foundation, the cryptocurrency sector has become the second riskiest sector susceptible to frauds in 2021 rising from seven in 2020.
Pig Butchering leverages intimacy and compassion to lure victims into the trap. An unknown person contacts them and poses as a friend, and sometimes even a lover to pull funds. The concept points towards fattening the preys before slaughtering them. The offender slowly asks for a small amount of deposits on fake exchanges, and allows the victim to withdraw a few times to gain trust.
But as the things escalate, and the...
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