An old crypto scheme has a new name — and it’s costing investors millions.
So-called “pig butchering” is when a scammer builds up trust with their victims before eventually pressuring them to deposit more and more of their crypto assets into bogus digital wallets or websites controlled by the scammer.
The name refers to how scammers “feed their victims with promises of romance and riches before cutting them off and taking all their money,” according to an FBI report.
And you may have already encountered the latest iteration of this scheme.
″‘Pig butchering’ scammers usually send a message via Whatsapp, text or another app like Tinder, as if it was intended for someone else, often with an attractive person’s profile photo,” says Chen Arad, chief operating officer of Solidus Labs, a company that provides tools to help crypto exchanges and institutions prevent market manipulation.
Instead of asking for a large sum of money up front, the scammers slowly work to convince their targets to...
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