Though a virtual asset, crypto has seen different forms of scams and fraud over the years. The crypto industry has been exposed to several tactics through which millions of funds are lost. Even as the space tries to create more hedges to fortify crypto security, fraudsters invent more despicable measures for their acts.
A new type of crypto scam is recently raising its head in the industry. Most crypto thefts occur in some dating apps using the scam, popularly known as pig slaughtering. Several records of Silicon Valley’s Lonely hearts getting swindled through the crypto ‘pig slaughter’ scams.
The pig slaughtering scam involves a person or group creating false relationships and trust with a target. The process could last for weeks or even months as they try to win the trust of the individual. Once their prey is wrapped around their finger, it’s been fattened up.
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To finally perfect the actions, they would get the target to move some crypto funds to unreliable wallet addresses. Then, conversely, they could lure the prey into cryptocurrency investments or participation on cloned websites, any legal ones.
Once they receive the funds, the scammers immediately delete their account accounts from the dating apps to conceal their identity. Hence, the victim suffers a huge loss that could run into millions of dollars at the end of the day.
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