Americans are being defrauded by “pig butchering” cryptocurrency investment scams, with criminals utilizing social media to cheat thousands of people into losing hundreds of millions of dollars, according to U.S. authorities.
“Pig butchering” involves scammers tricking a victim, referred to as a “pig,” into investing money in cryptocurrencies by promising a high rate of return. According to an FBI press release on April 5, the scam pulls on “heartstrings and purse strings.” The fraud is named for the way in which scammers feed potential victims with promises of romance and riches.
Once scammers build a trusting relationship with victims, they float the possibility of investing in cryptocurrencies. After the victims invest as much funds as possible, the scammers cut them off and run away with their money. Criminals involved in the pig butchering scam mine social media and dating apps for victims….