Pig butchering scams are long-term schemes where the victim is slowly manipulated into investing increasing amounts of money into a fake platform, often after building trust through friendship or romance. Victims of this type of scams typically lose large amounts of money before they realize that something is wrong.
How it typically happens
- The initial contact often happens on social media, dating apps, or messaging platforms
- Casual conversation gradually becomes friendly or romantic
- The scammer introduces investing, often in crypto or FOREX
- The victim is guided to a professional-looking but fake platform
- Small initial gains are shown in the platform to build trust
- The victim is encouraged to gradually invest larger amounts for bigger profits
- Withdrawals are blocked or require “fees” to unfreeze the money
- The scammer eventually disappears once maximum funds are extracted.
Red flags
- Someone you just met introduces investing
- Platform looks real but is not well-known or regulated
- Guaranteed or consistently high returns
- Pressure to “add more funds” to unlock withdrawals
- Emotional manipulation combined with financial advice
- Communication moves off-platform quickly
What to do
- Stop sending money immediately
- Do not pay any “withdrawal” or “tax” fees
- Take screenshots of all conversations and transactions
- Verify the platform independently, assume it is fraudulent
- Report the wallet addresses, website, and profiles
- Contact your financial institution, although recovery is unlikely
Suggested next steps
- Check if the platform or wallet has been reported by others
- Monitor your accounts for further targeting attempts
- Be cautious of “recovery agents”, these are often follow-up scams
Useful articles on online scams
- What is an online scam?
- Types of online scams
- Scam victimology: why did they pick me?
- How scammers choose their targets
- Why so many scams go unreported
- Scam cases that made the news
- AI and the next wave of scams
