Pig buttering is a new crypto scam in which victims are “slaughtered” by perpetrators who are able to convince victims to invest heavily in platform fake crypto trading.
Platforms they are made to appear legitimate and cause victims to believe their investments are making an extraordinary return, so the fraudsters and victim’s funds are taken away.
New Crypto Scam
Victims often suffer huge losses, such as Cy, a 52-year-old man from San Francisco, USA, who loses because he is deceived by a person who claims to be a woman named Jessica.
Jessica’s manipulation of Cy went on for months through WhatsApp conversations, involving 271,000 words equivalent to 480 pages of text.
The transcript of the conversation Cy shared with Forbes reveals Jessica’s approach through identifying Cy’s fears and concerns.
The man has sick parents, a wife who is busy working and a daughter who is about to enter college so it costs a lot of money.
Jessica claims she made a huge profit of up to US$10 million through trading crypto assets. The woman took advantage of the details of Cy’s personal life to encourage him to invest in platform crypto trading false.
As a result of manipulation by Jessica, Cy lost US $ 1 million.
Crypto fraud scheme pig buttering so profitable that it is carried out on a large scale in countries such as Cambodia, Laos and Myanmar.
United States authorities at the federal and local levels were unable to do much to recover victims’ funds or arrest the perpetrators.
Jan Santiago, deputy director of the Global Anti-Fraud Organization, said fraud pig buttering carried out on an industrial scale, as if the fraud was carried out in a factory.
This problem is made even more complicated by the issue of human trafficking. Human rights advocates say most of the perpetrators are victims of human trafficking who are drawn to Southeast Asian countries with the lure of higher incomes.
The victim was then forced to run scheme fraud pig buttering with threats of violence if they refuse. The victim’s passport and cellphone are often withheld upon arrival in the destination country.
Joshua Crumbaugh, CEO of Phishfirewall and a ethical hacker urges investors not to follow financial advice from unknown sources.
“If the information comes through social media or sudden messages, be skeptical. If they show a quick profit, remember there is always a high risk. There is no high profit without high risk,” said Crumbaugh. [ed]