Pig butchering scam is an investment scam where cryptocurrency is used to steal from individuals by luring them into fake website that states they will trade crypto futures or contracts for victims rather than saving it in conventional banks where the value decreases or gain minimal interest rate. Once the scammers get the money, they disappear leaving people with financial loses. Pig butchering is based on professional trust, people interest or romance tactics to build trust and persuade the victim to invest in fake crypto currency platforms. Pig butchers feed the victim with word of affirmation and promises.

Pig butchering started in China during the pandemic and spread out of the country after restriction over cryptocurrency and fraud tightened. This scam is an evolution of the tinder swindler scam. It’s a more elaborate and sophisticated scam. It uses a colorful metaphor where pigs (victims) are fattened up (enticed to spending more money) before slaughter (scammer runs away with money). People behind this scam are part of global crime syndicates and they spend time researching victims, building profiles, fake website and companies.

Steps of the attack

Attackers use social media platforms to develop a relationship with victim, the scammer lets you pull out your profits from investment to lure you to invest larger sum of money, then the target is wooed, they defraud them of all their digital assets through cryptocurrency.

Find The Pig

Attackers looks for a susceptible target. This could be a random chat from a wrong number or someone expressing interest. The goal is to gain the victim trust and start their own crypto wallet and invest. Attacker researches victim after making contact and use hints to trail victim to next steps.

Fatten the Pig

They will show how to make money and even provide walkthrough even if victim is inexperienced. They get victim to invest at first small amount of money then they persuade to invest more money by borrowing or taking loan whilst at this the scammer praises you and encourages you to keep going.

Butcher the Pig

When they realize victim have exhausted all the money in investment they disappear and you won’t find them again. Scammers now go extra length to make their applications feel legitimate by uploading them on trusted stores.

Safeguards against Pig butchering scam

• Be careful about who you trust online.

• Be careful with your digital assets and do your own research.

• Beware of Unrealistic Promises.

• Google scan whatever picture they send to you.

• Use socialcatfish.com to look up people who chat you up on social media platform.

• Use etherscan.io to scan your wallet address it tells you if your phone is compromise and shows what apps are hooked to your wallet.

Remember, in the digital world, protecting your assets requires both skepticism and diligence. Don't let the allure of quick finance lead you down the path of financial deception, guard your digital bacon with care. If you have been a victim of the scam contact Cybercrime Section of the 🦅 Economic and Financial Crimes Commission for {Nigerian residence} or ic3 unit of FBI or file complain with federal trade commission (FTC) for {US residence}. These steps are important because they document the theft and crime that happened to you and help government officials and regulatory bodies to track down scammers.