Don’t Get Slaughtered: The Ugly Truth About Pig Butchering Scams

Pig butchering scams are investment frauds where scammers create fake online identities. Scammers build trust, “fattening up” victims before stealing their money.

These scams often have overseas origins, involve cryptocurrency “investments,” and use fake online personas. The issue is global, with billions of dollars lost worldwide.

How Pig Butchering Scams Work

Pig butchering scams follow a sophisticated process to deceive victims. Here’s how scammers operate:

• Create fake online identities, posing as successful investors or attractive singles
• Initiate contact via dating apps, social media, or random calls/texts
• Build trust over weeks/months, feigning romantic interest or investing experience
• Introduce investments, often involving cryptocurrency or alternative assets
• Convince victims to download fake investment apps or visit fraudulent platforms

Once trust is established, scammers prompt victims to make deposits, often allowing withdrawals to build trust before stealing the victim’s money.

Global Facts on Pig Butchering Scams:

Alarming Statistics

• $4.4 billion: Lost to pig butchering scams in 2023 (TRM Labs)
• 33%: Pig butchering scams accounted for 33% of all cryptoscams (Chainalysis, 2024)
• 40%: Year-over-year increase in stolen funds from pig butchering scams (Chainalysis, 2024)
• 210%: Growth in deposits to scams from February 2023 to February 2024 (Chainalysis, 2024)

Devastating Impact

• $2 billion: Estimated losses to pig butchering scams in 2024 (TRM Labs, 2025)
• $75 billion: Total losses from 2020 to 2024 (University of Texas at Austin)
• 13%: Percentage of victims reporting losses to authorities (Australian government)

Real-Life Story: Pig Butchering Scam Victims

Intelligent, educated, and hard-working individuals have fallen prey to sophisticated pig butchering scams. These scammers are experts at manipulation.

IT Professional from India
A female IT professional in Philadelphia lost over $450,000 to a romance-cryptocurrency scam. Scammers used deepfake videos and scripting to gain her trust.

The scam began on Hinge, where she met “Ancel,” a fake French wine trader. He exploited her vulnerabilities, including her recent divorce, to build trust. He then promised lucrative cryptocurrency investments to fund their fictional retirement plans. 

Warning Signs of Pig Butchering Scams

Here are the warning signs to watch out for:

1. Unsolicited contact: Unexpected messages from unknown numbers or social media accounts.
2. Too-good-to-be-true investments: Guaranteed high returns with little or no risk.
3. Pressure to invest quickly: Legitimate opportunities rarely require rushed decisions.
4. Romantic interest from strangers: Online suitors who quickly profess strong feelings and ask for money.
5. Requests for personal information: Don’t share sensitive data with unverified individuals.

Avoid Becoming a Victim

If you encounter warning signs, take immediate action to protect yourself. Ignore the message or politely end the conversation, and block the contact to prevent further communication.

Research Is Key

Legitimate investments rarely come from unsolicited messages. Be cautious and:

• Verify the person/company’s identity and legitimacy
• Check background, credentials, and regulatory registration (e.g., SEC, FINRA)
• Research the investment using reputable sources (e.g., financial news, government websites)
• Beware of guaranteed high returns with little risk

Additional Precautions

• Be cautious sharing personal/financial information online, especially with strangers.
• Keep social media profiles private and selective with friend/follow requests.

 What to Do If You’ve Been Scammed

If you suspect you’ve fallen victim:

1. Stop contact: Immediately cease communication with the scammer.
2. Notify bank/broker: Block further payments and report the incident.
3. Report to authorities: File a complaint with local law enforcement and the FBI’s IC3.
4. Gather documentation: Collect evidence (text messages, screenshots, financial records) to aid investigators.
5. Seek support: Consider counseling to cope with emotional and financial impact.

Be Aware of These Scams

1. Phishing scams: Scammers trick victims into revealing sensitive info via emails, texts, or websites.
2. Romance scams: Scammers build fake relationships to steal money, gifts, or personal info.
3. Investment scams: Fake investment opportunities promise high returns but steal money.
4. Online shopping scams: Fake ecommerce sites, apps, or ads sell low-quality or non-existent products.

The scale of pig butchering scams in India runs into tens of thousands of crores. It is scary how many people fall for fake job offer scams, scammy high-return investment schemes and crypto investments, etc.

As the name implies, a pig butchering scam involves fattening the… pic.twitter.com/x3ezkZrmHR

— Nithin Kamath (@Nithin0dha) November 13, 2023

Protect Yourself from Pig Butchering Scams

To avoid falling prey, recognize the warning signs: quick relationship development, pressure to invest with promises of fast gains, and opportunities that seem too good to be true.

What Is a Pig Butchering Text Scam?

A scammer pretends to be someone else, builds trust, and asks for money to “invest” in a fake opportunity. They then cut off communication and steal the victim’s money, often through text, voice, or video calls.

 How Cryptocurrency Scams Work

Cryptocurrency scams often involve fake websites and apps designed to look legitimate. Scammers use emotional manipulation to build trust with their victims and may use social media to make their fake opportunities seem more credible. Their ultimate goal is to steal your cryptocurrency.

 Stay Safe

To protect yourself from pig butchering scams and other types of cryptocurrency scams, it’s crucial to stay vigilant and suspicious. Always verify the information you’re given, and research opportunities thoroughly before investing. If you suspect a scam, report it promptly to the relevant authorities.