We all know that there is a lot of scam in cryptocurrencies. The horror stories include rug pulls, pump and dumps, and the typical investment ploy that leaves your bank account high and dry. Pig butchering is a new type of fraud that you are definitely going to want to avoid.
A game of manipulation designed to exploit lonely web users and take them for all they have is called "pig butchering." The name refers to the way in which hogs are fattened up before being taken to the slaughter. The pigs get slaughtered by the fraudsters when they convince them to invest in a fake platform. No, it's really nice stuff.
There are increasing reports of these scam. Earlier this year, the FBI put out a PSA warning about them, after receiving so many recently. Another alert was put out this week about the scam, which is a common feature.
The trend has been getting a lot of media attention, as authorities try to get the word out. We thought we would do our own explanation. There is a scam that you will want to avoid.
There are a few elements to apig butchering scam. They do offer a noxious brew when mixed together, but they aren't so different from a lot of other scam.
The broad strokes are similar to this.
The victim of the scam was showered with messages of love and affection before being tricked into investing in a fake company. It sounds gross.
The run-of-the-mill manipulation being employed and the horrible criminal organizations behind them are the strangest parts of pig butchering. According to Vice, many of the crime rings are based in Southeast Asia, where they run large-scale scam centers that work around the clock to find new victims. All of the employees have been kidnapped and forced to commit fraud, which makes these dark versions of customer service call centers different from corporate offices. Vice is reporting.
Propping up the [fraud] industry are thousands of people trapped in a cycle of human trafficking, debt, forced labor, and violence; people from across the region lured by fake job adverts to scam centers in Laos, Myanmar, and Cambodia, where they’re forced to perpetrate the kind of fraud used on Tsai.
These employees are given a detailed script for how to target vulnerable individuals. They are told to cultivate relationships and try to suck their money out of them with the help of scam artists. Horrific videos have been circulating on social media that show young men who are chained up being shocked with an electric current.
The victims of these scam run the gamut.
A person who goes by the name of "SCAMmedbaby" explains in a video that he was targeted by someone he met on the gay dating site. He said in the video that he was vulnerable because he had just come out of a relationship that didn't work out. I said, "Okay, that's what I'm looking for too" after he said, "I'm looking for a boyfriend."
He told his target that he was a wealthy restaurant owner and that he had made a lot of money by investing inCryptocurrencies. It turned out that "Carl" was a fictional character that was created to bilk scammed baby out of thousands of dollars.
Similar stories can be found on the internet. In April, a person named "u/Acceptable List 2272" reached out to the online community for help figuring out how to escape from a scam.
I have fallen for a pig butchering scam but the scammer does not know that I know. I am hoping any has any advice on how to get my money back. I am fairly deep in and have sent quite a bit of money. I do not believe my scammer knows I have caught on and I have been speaking with him normally even after I found out.
Has anyone been able to recover their money and have any advice on how to do it?
The best defense is to not invest at all. If you feel you have been the victim of a scam, you are encouraged to report it to the FBI at their website.
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