The FBI has recently issued a stern warning about the widespread crypto investment scam, “pig butchering.” According to an expert from the bureau, people must remain vigilant when using social media and dating apps. They advise that if someone initiates a relationship with you out of nowhere, it’s best to be cautious.
FBI cautions about pig-butchering schemes
The Federal Bureau of Investigation (FBI) has again sounded the alarm on the nationwide “pig-butchering” cryptocurrency investment scam. Frank Fisher, a public affairs specialist from FBI’s Albuquerque division, commented in a CNN report that this crypto con is currently running rampant throughout America: “It’s sweeping the country.”
Be very careful when you go on social media and dating apps and somebody starts developing a relationship with you, and wants you to start investing … Don’t get butchered.The Federeal Bureau of Investigtion
According to Jeff Rosen, District Attorney for Santa Clara County in California, scammers performing pig butchering schemes deliberately deceive their victims into believing that they are investing money which is ultimately transferred into cryptocurrency. Subsequently, these fraudsters “fatten up” the victim’s digital wallets to steal all of their contents.
Pig-butchering operations involve highly sophisticated methods
Rosen’s team heads a multi-agency task force focused on fighting tech crimes. Their investigations reveal that crypto investment frauds usually occur abroad — in Cambodia or China, for instance.
The district attorney cautioned the public to be vigilant during the holidays as scammers often target those who may feel isolated and vulnerable.
Rosen emphasizes that the techniques used in pig butchering operations are quite sophisticated, and psychologists have expertly coached scammers in determining how best to manipulate consumers. He emphatically states:
You’re dealing with people that are going to use different psychological techniques to make you vulnerable and to get you interested in parting with your money.Jeff Rosen, District Attorney for Santa Clara County, California
In August, American authorities sounded the alarm over the rapid growth of pig-butchering crypto scams. This November, in response to this alarming trend, The Department of Justice intervened and confiscated seven domain names that were being used for such fraudulent purposes.