The latest blog from CertiK details the depths of Pig Butchering in the crypto industry.
One increasingly common form of cryptocurrency scam is the euphemistically-named “pig butchering” scheme. Pig butchering involves fraudsters who pose as successful traders to then entice unsuspecting victims to invest with them and make incredible returns. The fraudsters first take the time to build trust with their victims on social media, text, or dating applications, before promising to teach them how to multiply their life savings with cryptocurrency, forex trading, or other financial markets. After the scammer “feeds” their victims (the pigs) with promises of huge profits, they then butcher them, cutting off communication and absconding with the money the unsuspecting targets had invested.
Scammers adopt a variety of disguises intended to build trust with their targets, including posing as mutual friends or former colleagues of a victim in order to initiate a seemingly-legitimate conversation. Pig butchering fraudsters will provide fake websites and apps that allow victims to supposedly track their investments. These sites give the impression that the initial investment is rapidly growing. However, when the victims try to cash out their returns, the scammers delay by requesting further information or informing “investors” that they need to pay income taxes or some other fee in order to withdraw. Luckier victims will walk away here, but those that take this bait simply…
