Pig Butchering —

Part of romance, crypto, and investment scams, big butchering takes its name from the idea of fattening a pig to maximize your yield before butchering it. Scammers establish virtual relationships with their victims through elaborate and often emotive lies. Then, the criminals introduce the idea of investing in fraudulent cryptocurrency platforms to acquire money for a “future together.” 

The victim is convinced to pour more and more money into the investment fund, which is rigged to show that significant profits are being made. Once every possible penny has been extracted, the scammer pulls the plug on everything—all money is extracted from the fund—the website of which goes out of commission—and the scammer disappears.

According to the IC3, 2021 saw pig butchering scams cost victims a total of $429M. Experts have noted that romance scammers may employ AI language models such as ChatGPT to craft even more convincing language against their victims in the future, so the losses connected with such scams might grow considerably.

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