You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

US FTC Warns Consumers of Rise in Pig Butchering Crypto Scams

The Federal Trade Commission (FTC) in the U.S. is alerting consumers to the surge in “pig butchering” scams, also known as romance scams involving cryptocurrency investments.

Originating from Southeast Asia and rooted in the Chinese phrase Shāz Hū Pán, pig butchering denotes a deceitful practice inspired by catfishing. Typically, this scheme unfolds gradually, with scammers preying on individuals online, particularly on dating and social media platforms.

Once a rapport is established and trust is gained, the scammers engage in a process akin to fattening up the pig, culminating in the theft of cryptocurrency or money – the “butchering.”

Romance scams have inflicted substantial financial losses on victims over the years, totaling millions of dollars.

“They establish an emotional connection with you so you’re more likely to believe that they’re an expert in cryptocurrency investing, for example,” cautioned the FTC.

“However, that online love interest is a scammer. People have lost tens of thousands — sometimes millions — of dollars to romance scammers,” emphasized the U.S. commission.

The warning underscores that scammers aim to extract money swiftly, often directing victims to channels such as gift cards, payment apps like Apple Pay, CashApp, PayPal, and Zelle, money wiring services, or even cryptocurrency. However, it’s crucial to note that legitimate entities won’t insist on these methods for transferring funds.

Crypto Romance Scams More Prevalent

In May, the Canadian Anti-Fraud Centre (CAFC) raised alarms about a notable increase in crypto scams aimed at Canadian residents.

According to a statement issued by the anti-fraud hotline, there has been a rise in two particular types of cryptocurrency scams targeting Canadians: pig butchering or romance scams, and investment scams.

One recent victim is Shreya Datta, a 37-year-old technology professional residing in Philadelphia, who fell prey to a cryptocurrency romance scam, resulting in devastating financial losses totaling $450,000.

TRM Labs, a blockchain intelligence firm, revealed that the FBI’s Internet Crime Complaint Center (IC3) has logged over 4,300 complaints linked to pig butchering, with total losses surpassing $400 million.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024