The Federal Bureau of Investigation (FBI) has warned users of financial products, including crypto users of the rising incidents of the ‘pig butchering’ cyber scam. It has warned victims to be aware of the scam lest they fall prey to it and lose their money.
US Secret Service Special Agent Shawn Bradstreet has said in an interview with Bitcoin.com, “Once they [the victims] see how easy it is to invest, they see a rise in their screen account, and then they end up investing their entire life savings in a matter of days.”
Mridul Gupta, COO, CoinDCX, an crypto exchange, said, that before investing in crypto assets, “the investors must acquaint themselves with some key elements such as choosing a compliant exchange that follows proper KYC verifications methods. To identify a reliable exchange, one must evaluate the audit information of the exchange as they help in understanding the financial health of a company.”
What Happens In This Cyber Scam?
Indians are no outsider to this type of scam. A resident of Ladakh (name withheld) had also fallen victim to this ‘pig butchering’ scam about six months ago, and it involved a lady from Hong Kong. He had lost savings worth about Rs 90 lakh in this scam.
Karmesh Gupta, co-founder and CEO, WiJungle, a Haryana-based cyber security company, said that ‘pig butchering’ cyber scam stated four years ago in China. Getting the money cross border was difficult earlier because it used to be a normal online…
