The Federal Bureau of Investigation (FBI) has reiterated its warning about a very popular crypto investment scam called “pig butchering” that is sweeping across the U.S. “Be very careful when you go on social media and dating apps and somebody starts developing a relationship with you,” cautioned an FBI specialist.
FBI Warns About Pig Butchering Crypto Scam
The Federal Bureau of Investigation (FBI) has renewed its warning about the “pig butchering” cryptocurrency investment scam. Frank Fisher, public affairs specialist at the FBI’s Albuquerque division, warned that the pig butchering crypto scam “is sweeping the country,” CNN reported Monday, quoting him as saying:
Be very careful when you go on social media and dating apps and somebody starts developing a relationship with you, and wants you to start investing … Don’t get butchered.
In pig butchering schemes, scammers “fatten up the pig by getting the victim to think that they’re investing in something and get them to move money into cryptocurrency,” explained district attorney Jeff Rosen of Santa Clara County, California. He added that criminals in the pig butchering schemes “fatten up” their victims’ digital wallets and then steal the money.
Rosen’s office manages a multi-agency task force combating technology-related crimes. He noted that based on the investigations conducted by his team, these crypto investment scams typically operate overseas, such as in Cambodia and China.
The district attorney warned that scammers are particularly active during the holidays as they often prey on victims who may be feeling lonely.
According to Rosen, pig butchering operations involve highly sophisticated methods and scammers have been “trained by psychologists to try to figure out the best way to manipulate people.” He stressed:
You’re dealing with people that are going to use different psychological techniques to make you vulnerable and to get you interested in parting with your money.
U.S. authorities warned in August that the pig butchering crypto scam is becoming alarmingly popular. In November, the Department of Justice (DOJ) seized seven domain names used in pig butchering schemes.
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A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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