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Investigating "Pig Butchering": Crypto's New Long-Game Financial Con | Forbes Digital Assets
Posted
September 21, 2022
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September 21, 2022
50,041
807
511
2.63%
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7:40Now PlayingPig butchering is a relatively new long-game financial con in which “pigs,” or targets, are “butchered” by people who convince them to invest ever-larger sums in purported cryptocurrency-fueled trading platforms. The fake platforms are designed to look real, and make the victims believe that their investments are making fantastic returns — until their scammer, and all the money they believe they’ve invested, disappears.
Victims often lose significant sums, and the practice is so lucrative that it’s being scaled up and carried out en masse in countries like Cambodia, Laos and Myanmar. So far, American law enforcement officials at both the federal and local level have made little headway in recovering stolen funds or catching the perpetrators.
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