Online Scams – “Pig Butchering”

(From Aura.com: The Pig Butchering Scam: 10 Warning Signs & How To Avoid It)

The pig butchering scam is a type of fraud in which criminals lure victims into digital relationships to build trust before convincing them to invest in cryptocurrency platforms. Unbeknownst to victims, the fraudsters control the platforms and will eventually take all the money and vanish.

Drawing its name from the Chinese phrase, Shāzhūpán, pig butchering scams are long-term con jobs that combine elements of romance scams, investment schemes, and cryptocurrency fraud.

Here’s how a pig butchering scam plays out:

  • The scammer — or “host” — initiates contact with a target online via social media, a dating app, or by sending a “wrong number” text message.
  • Once hosts find a suitable target — the proverbial “pig” — they stay in constant contact to build a relationship.
  • After earning the victim’s trust, the host encourages the victim to start cryptocurrency trading. The host will claim to have insider tips or family connections in the investment industry, and explain that massive returns are common.
  • The host then encourages the victim to download an app — and offers to trade together, showing how easy it is to yield returns. However, it’s a fraudulent platform controlled by a gang of scammers.
  • Once victims join the platform, the host simulates trades to make it look like they’re earning profits. The host may even encourage victims to withdraw some of their “gains” to build their confidence.
  • Convinced that everything is bonafide, victims invest larger and larger sums of money. Over time, the host continues to manipulate victims (and the platform) to keep them investing. This step is known as “fattening the pig” before a proverbial slaughter.
  • Later, when victims try to withdraw their money, the platform will claim there’s an issue with the account — or will inform them that they need to pay massive fees and taxes to get their cash.
  • Eventually, the victim realizes the truth — and the fraudster (and platform) disappear. As all transactions happen on the blockchain, recovering the funds is almost impossible.
  • According to the Federal Bureau of Investigation (FBI), these long-term schemes originated in China in 2019. Since then, Southeast Asia has become a hotspot — as gangs in Cambodia, Laos, and Myanmar run a corporate-like structure, using human trafficking victims to run the scams [*].

So, how can you avoid becoming a victim of this advanced scam? Visit https://www.aura.com/learn/the-pig-butchering-scam


 

Below are articles on the topic from PBJ Learning’s Knowledge Vault.

 

 

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Editor’s note: PLEASE TELL YOUR PARENTS OR ELDERLY PERSONS YOU KNOW. Their savings might be at risk. Better to be safe and get educated about these types of scams. “Pig-butchering” online scams have grown from continued poverty and corruption. And they prey on our vulnerabilities. This specific type of labor trafficking essentially creates a Ponzi…

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Inside the 'pig-butchering' scams seeing thousands trafficked into cyber slavery – ABC News

Editor’s note: PLEASE TELL YOUR PARENTS OR ELDERLY PERSONS YOU KNOW. Their savings might be at risk. Better to be safe and get educated about these types of scams. “Pig-butchering” online scams have grown from continued poverty and corruption. And they prey on our vulnerabilities. This specific type of labor trafficking essentially creates a Ponzi…

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