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Never heard of this type of crypto-scam before, the way they describe it reminds me kinda of that documentary The Tinder Swindler about that Israeli guy who was scamming women all over the world by pretending to be a victim of a violent attack and needing medical help:
“The victims in Pig Butchering schemes are referred to as 'pigs' by the scammers because the scammers will use elaborate storylines to 'fatten up' victims into believing they are in a romantic or otherwise close personal relationship,” stated an affidavit in support of the Los Angeles seizure warrant, shared by the Department of Justice.
“Once the victim places enough trust in the scammer, the scammer brings the victim into a cryptocurrency investment scheme.”
The fraudster often reaches out through a dating app, social media site, or Whatsapp. They then spend a lengthy amount of time wooing the victim before encouraging them to invest in fake crypto platforms. The money the victim thinks is being invested is instead directed to addresses and accounts controlled by scammers and their co-conspirators.
The scammers also typically create a fake website or app that shows significant gains when the victim makes their initial investment to trick them into believing the scam is real and the fake cryptocurrency is a good bet. But once the victim puts a substantial amount of money in, they’ll find they’re unable to withdraw it.
Sometimes the scam will continue, with fraudsters asking for additional investments, taxes or fees, promising them these payments will allow them to gain access to their accounts.
'I was in a trance': A tech executive was scammed out of $450K as part of a new cruel romance grift called 'pig butchering' — here's how it works and what to watch out for
The DOJ has seized around $112 million linked to this scam.finance.yahoo.com
