Pig Butchering Crypto Scam: All You Need To Know

Technology is the future & this is why we can see its influence in almost every aspect of our lives. The digital world is slowly taking over, and one of the most prominent examples of its impact is a digital currency, popularly known as Cryptocurrency.

Cryptocurrency is a form of virtual money that uses encryption to guarantee dealings. Cryptocurrencies use a decentralized system, meaning they don’t have any regulating authority.

The popularity of cryptocurrencies is going above and beyond. People are going over these digitally existing currencies and are even ready to go overboard to secure them. This desperation is why people are falling prey to new scams every day, and one such scam that has cost people millions of dollars across the globe is the “Pig Butchering Crypto Scam“.

What Exactly is Pig Butchering Crypto Scam?

Money scam is not a new thing, but seeing them happening even in the digital currency world is a bit concerning, especially when millions of people fall for them. The Pig Butchering scam is the talk of the town. This scam originated from China (Sigh!!!) with the name “Sha Zhu Pan” and is now spreading across the globe, growing into a global deception.

The “Sha Zhu Pan” in Chinese translates to “Pig Butchering” in English, and hence it got the name. However, there is another thing that makes this name so prominent.

The Pig Butchering Crypto Scam is a cybercrime that includes the relationship plus the investment scam. Like the actual pig butchering, the targets are raised for a good long time by building deep relationships, and when the time is right, they are scammed the way a pig is butchered.

According to a volunteer-led advocacy group, Global Anti-Scam Organisation, the scammers use various social media & dating platforms, set up an attractive profile, and carefully lead a target via pre-set conversations.

The scammers indirectly get their targets interested in digital investments like Cryptocurrency, forex, etc. They never ask the victims for the money upfront, and instead, they redirect them to fake online platforms, to which they have access. To gain the victims’ trust, scammers show impressive gains in their investment deposits and sometimes even allow them to withdraw the money to establish the platform’s legitimacy or scheme.

As soon as the victims are sure of their gain, they are encouraged to go big to get maximum profits. The moment the victim transfers a colossal sum, the scammers cut off all their communication, leaving a victim behind with no money.

Pig Butchering is not something that came into existence in 2022, and the first case of this scam came in 2019 in China. And since then, they are only increasing.

Many experts believe that COVID-19 plays a crucial role in escalating such scams. As the world has seen the lockdown and the only way to communicate was digital, it gives these scammers the upper hand and avoids in-person meetings with their victims.

As said above, these scammers form a relationship with their victims, and a romantic one is the most common. Across the globe, romance-based frauds have surged beyond imagination, and it is a concern when people are mined for millions of dollars.

Things To Do To Avoid Being a Victim of Pig Butchering Scam

The online world has become a new reality for people, and they prefer to find friends, jobs, love, and other opportunities. This is why differentiating between the real & fake is almost impossible.

You can not always tell if a friend you made online is a genuine person or a scammer. But there are a few things that you can do to protect yourself.

1. Be Careful When Meeting People Online

We are not saying it is terrible to make friends online, but it never hurts to be cautious. Always be vigilant about who you become friends with and how much you share about your personal life & stuff with them. Privacy is a good thing, and you should always practice it online.

2. Stay Away From Superficial Financial Schemes

We all have been there where we come across an advertisement promising huge returns on low investment or getting steady earnings without loss or getting your money doubled in a week and more. Do not get yourself swayed by such financial schemes. Try to resist such temptations.

3. Do Research

If you somehow contact a person talking about such schemes and you find yourself getting interested, the first thing you need to do is in-depth research. We are not saying that every person out there is a scammer, but you should double-check all the information they have provided you to avoid any mishap.

Also, if you get redirected to a website or an application, it is better to check their authority. A good interface does not guarantee authenticity.

4. Refrain Money Transfers

No matter how close you are to someone online, always refrain from transferring money to strangers. Online platforms can not guarantee the authenticity of a person. So never transfer money to people or accounts you don’t know.

5. Learn To Handle Your Digital Assets

Ensure you have complete control over your assets, especially the digital ones. Digital assets are a growing market, and as there are benefits, the risks are even more significant. So, it is better if you solely handle them.

Also, learn everything about digital assets like cryptocurrency to differentiate between truth & fraud easily. The prime reason why people get into such fraud is that they do not know about them. All they see is the money, which makes them the easy target.

6. Inform the Law Enforcement Authorities

If you find yourself a scam victim or think that a person might be trying to extort money out of you, it is better to inform law enforcement authorities. The sooner you take action, the better it is for you.

Summing Up:

The Pig Butchering Crypto Scam is a relationship-based scam where a victim is lured with the hope of building romance, friendship, or business and then manipulated into investing hefty sums with the promise of unimaginable profit. The best way to not become its victim is to make yourself aware of the digital assets and avoid suspicious profiles online.