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Cryptocurrency scam in Southeast Asia: inside the Pig-butchering factory
Pig butchering scam, named after fattening hogs before slaughter, often begins with a wrong-number text. Victims are lured into fake crypto investments and once they send funds, the scammers disappear.
A fast-growing multi-billion-dollar cryptocurrency investment scam is alarming authorities around the world. In operations known as “pig butchering”, scammers con victims out of their life savings with promises of romance and financial rewards.
Scammers engage in months of interaction, often adding a romantic component, to lure victims into investing in fraudulent cryptocurrency schemes. This process, known as “pig-butchering scams,” is likened to fattening a pig and slaughtering it when the victim has no more funds to invest.
Between January 2020 and February 2024, criminal networks transferred over $75 billion to crypto exchanges, according to Griffin, an expert on financial market fraud. Some of this money may have come from other criminal activities.
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