What is the pig butchering dating scam? What is this trend all about? Learn all there is to know about the trending fraud.
The pig butchering scam, also known as a romance scam, is a long-term fraud that combines investment schemes, romance scams and cryptocurrency fraud. This scam originated in Southeast Asia, and the name originates from the Chinese phrase “Shāz Hū Pán,” meaning pig butchering. A ring of cryptocurrency scammers search dating and social media sites for victims.
The analogy comes from gaining trust in the victim — fattening up the pig — then stealing cryptocurrency or money — the butchering. This scam can happen with a romance scam on a dating app. The scam may also start as a text from a wrong number or a direct message on social media. The scammer may even pose as a long-lost contact to the victim.
We have all you need to know about how the pig butchering scam works.
Firstly, the scammer initiates contact with the potential victim through social media, dating apps or a text message. After the scammer finds their next victim, they make consistent contact to establish trust, which can take weeks or months, depending on the victim.
After gaining trust, the scammer then encourages the victim to invest in cryptocurrency trading. The scammer guarantees the victim will make money, either through an insider tip or some investor knowledge. Then the scammer tells the victim to download an app or visit a website to make cryptocurrency trades. Sometimes, they offer to trade alongside the victim. However, this platform is controlled by scammers.
The scammers may simulate a trade to make it appear the victim is earning money or may even tell the victim to withdraw some of the “profits” to gain more trust. The victim is then encouraged to add more money to the account. However, if the victim wants to withdraw funds, the account says the victim needs to pay fees or taxes to access it. After the victim realizes the platform is fake, the transactions disappear on the blockchain, never to be seen again.
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