The Dark Side of Crypto: Don’t Fall for “Pig Butchering” Scams
Cryptocurrency promises freedom, new ideas, and quick growth. But every boom has a bad side. “Pig Butchering,” or Sha Zhu Pan in Chinese, is one of the worst scams going on right now.
This fraud doesn’t happen in one day. It grows slowly. It goes after your feelings, trust, and hope.
What is “Pig Butchering”?
Anamarie Hurt trusted her husband Craig to handle their money for almost 50 years. He did an excellent job of it, though, and his investments grew into a nice nest fund.
Then Craig went into a bank in Tulsa, Oklahoma, and started putting their retirement money into fraudulent cryptocurrency investments. After losing more than $5 million in a year, the Hurts lost all of their savings.
At first, Anamarie was mad with Craig. But it quickly found another target: the bank she alleged helped him send wires to scammers for as much as $300,000 at a time.
These financial scams are commonly referred to as “pig butchering.”
It’s not an easy trick. It lasts for a long time, sometimes weeks or even months.
How it works
- The First Message
A text or DM is usually the first step. The fraudster acts like a decent person, such a stranger who looks pleasant or kind. Those people might pretend you met by chance or because a friend told you to.
They are polite. They want to talk. You answer.
- Gaining Trust
Every day, they talk to you. Those people want to know about your job, your aspirations, and your family.
They also open up. They say they own a business, work in technology, or put money into cryptocurrencies.
Some people even make video calls using stolen footage or deepfakes. Over time, they create a fake friendship or even a romantic relationships.
- The Talk About Crypto Starts
They change the subject once they have your trust.
They talk a lot about crypto how they make money and mention a mentor or a “secret” trading site.
Then they act like it’s no big deal. “I can show you how to do it if you ever want to.”
You are safe, and naive you, you think you’re lucky.
- Your First Investment
You put in a little bit. Maybe $50 or $100. The bogus app makes money. You can even withdraw it occasionally.
That makes you trust them more. You think the platform works.
- The Big Push
Now they want you to put more money into it. They add, “This is a rare opportunity.” “I’ll double your money.”
You put in more money. They cheer you on. You are both excited and a bit scared.
Some victims give it their all. They use their life savings or take out loans.
- Everything goes away
You can’t get to the app one day. You have to pay “fees” to get your money back.
The person doesn’t answer anymore. You can’t get in anywhere.
Your money is gone.
Things to Look Out For
Quick Love or Friendship: If someone gets close to you quickly and starts talking about money, be careful.
Unreal Profits: You can’t get high, guaranteed profits in actual crypto markets. Don’t trust trading apps that no one has heard of.
Pressure to Act Now: Real investments don’t come with a sense of urgency.
No Withdrawals: If you can’t quickly get your money back, it’s probably a scam.
If someone seems too kind, too rich, or too polished, stop and ponder.
How to Keep Safe
Trust your gut: If something doesn’t feel right, it usually isn’t.
Do your research: Look online for platforms and individuals. Look for warnings about scams or reviews.
Don’t ever give out your private keys: Only you should have access to your wallet information.
Don’t hurry: Real chances wait. But scams don’t.
It is advisable to consult with a financial expert before investing a significant amount of money.
Tell the police or a cybercrime organization in your area if you were a victim of the scam.
In the end,
Cryptocurrency can make you rich. But scams take advantage of people’s feelings and lack of knowledge. “Pig Butchering” is cruel. It’s not simply stealing; it’s breaking trust.
Stay smart. Ask questions. Before you put money into something, learn about it.
Don’t allow a false buddy trick you.
You deserve real growth, not a harsh fraud.
Read more!
Like pig butchering scams, there are also tons of scams that exist in the crypto world. Here’s an article that is covering major scams that can happen to anyone.
Must read! How to Avoid Crypto Scams
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