Mehul Reuben DasDec 27, 2022 11:26:50 IST
2022 wasn’t a great year for the crypto industry. Investors saw a huge chunk of their wealth get wiped out in a matter of days. While the market stabilised a little towards August, the fall of crypto exchanges like FTX, and other trading platforms going bankrupt has shaken up the confidence of some of the most seasoned investors as well.
However early adopters of crypto will understand, that like all asset classes, investing in crypto is a game that has to be played in the long run. Crypto is bound to bounce back up in a few years. It may not reach the record highs that we had seen during 2021, but it will be significantly higher than where it is today.
Because crypto attracts all sorts of investors, and always has a sizeable portion of novice investors who are just starting out, scammers go out of their way to target them.
We spoke to a cyber security expert to get the down low on pig-butchering, how the scam works, and what other scams should investors be wary of in 2023.
What is the Pig-butchering scam?
Pig Butchering which is also known as Sha Zhu Pan is one of the fastest emerging scams that has plagued new crypto investors in 2022 and is expected to blow up massively next year.
“It is very prevalent on platforms where people discuss currency and trading,” says Satnam Narang, a Senior Staff Research Engineer with Tenable, one of the world’s largest cybersecurity companies.
The basic idea is to honeypot unsuspecting…
