FBI Continues Warning About ‘Pig Butchering’ Crypto Scam

Key Points:

• The FBI has renewed its caution over a very well-known cryptocurrency investment fraud known as “pig butchering,” which is taking place all over the country.
• According to district attorney Jeff Rosen of Santa Clara County, California, scammers fatten up the pig in the schemes by tricking the victim into thinking they are investing in something and convincing them to transfer money into Bitcoin or crypto.
• The district attorney issued a warning, noting that the holidays are a time when con artists are more active since they frequently target lonely victims.

The “pig butchering” crypto investment hoax has once again drawn the ire of the Federal Bureau of Investigation (FBI).

The pig butchering cryptocurrency fraud, according to Frank Fisher, a public affairs specialist at the FBI’s Albuquerque section, is sweeping the country, CNN reported on Monday.

“They’ve been trained by psychologists to try to figure out the best way to manipulate people. 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,” said Fisher.

Pig butchering is the practice of tricking an unwary victim, or “pig,” into parting with money in exchange for a high rate of return promised.

According to district attorney Jeff Rosen of Santa Clara County, California, scammers “fatten up” the pig in pig butchering schemes by tricking the victim into thinking they are investing in something and convincing them to transfer money into Bitcoin or crypto. He stated that the perpetrators of the pig butchering schemes “fatten up” the digital wallets of their victims before stealing the money.

A multi-agency task team fighting technology-related crimes is overseen by Rosen’s office. He said that according to his team’s research, these cryptocurrency investment frauds mainly operate abroad, in places like China and Cambodia.

According to Rosen, pig butchering operations use extremely sophisticated techniques, and con artists have received psychological training to deceive people effectively.

The district attorney issued a warning, noting that the holidays are a time when con artists are more active since they frequently target lonely victims.

The FBI says additional scams that are becoming more prevalent this holiday season primarily target senior adults. Fisher remarked:

“Scammers tend to focus on the elderly because they know they’re trusting, and they know older Americans usually have more money.”

In so-called sweepstakes scams, victims are contacted and informed that they have won a prize; however, they are then instructed to transmit funds in order to pay taxes and processing costs, which can be extremely expensive.

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Harold

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