Beware of Pig Butchering Scam!

[pakhitheboss]

The "pig butchering scam" is a type of cryptocurrency scam that has recently gained popularity.

It involves tricking individuals into sending their cryptocurrencies to scammers who promise high returns or investments with guaranteed profits. The name "pig butchering" comes from an analogy scammers use to convince victims to participate. They claim that just like a butcher would divide a pig into different parts, they can divide and multiply the cryptocurrencies sent to them, promising significant returns in a short period.


How it is done?

This scam operates on a classic Ponzi scheme principle, where early investors may receive returns to create a false sense of legitimacy. These returns are typically funded by the investments of subsequent victims, creating a cycle of deception. Scammers often use tactics to lure people into the scheme, such as social media promotions, online forums, or personal recommendations. They may present themselves as experienced traders or cryptocurrency experts, leveraging persuasive techniques to build trust. Once victims send their cryptocurrencies to the scammers' wallets, they quickly realize that the promised returns are nothing but empty promises. In most cases, the scammers disappear with the funds, leaving victims with significant financial losses.

How to protect yourself from this scam?

To protect yourself from falling victim to a pig butchering scam or any other cryptocurrency scam, it is crucial to exercise caution and follow best practices. These include conducting thorough research on any investment opportunity, verifying the legitimacy of individuals or platforms involved, and never sending your cryptocurrencies to unknown or untrusted entities.

By staying vigilant, practicing good security measures, and relying on reputable sources for information, you can help safeguard your investments and reduce the risk of becoming a victim of such scams.

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[Zaguru12]

Although this type of scam look like old and easy to detect it is still possible that many would fall victim to it. Cryptocurrency is new and many people have heard stories of how people earn profits through it so this type of scam won’t stop now.

For me the best advice I will give people is stay away from anything or people that come straight to you on social media or physically promising you that if you invest in it, it will double. Nobody on the internet loves you that much to be pestering you to come and make profit. If it were legit you would have heard about it not the promotional team coming to convince you.

[Cantsay]

This brings back the memory of an organisation that trended for a couple of months in my country claiming that they; once you deposit some money which tehy will use for some investments for you and after some weeks you'll receive your money plus a certain percentage from the profit, at first alot of people where skeptical but soon changed their mind after seeing other successfully recieving the profits from the company. It got to a time when so many invested large amount of money since that would resultin them receiving higher profits but unfortonately for them they never heard from the company ever again. There were cases of suicide at that time.

Another case I have seen in this forum that is mostly likely a pig butcher scam is this thread. This one took place at Instagram according to the victim and it's interstign to read. I'm also sure a lot of people still fall for such a scam.

[Dunamisx]

By staying vigilant, practicing good security measures, and relying on reputable sources for information, you can help safeguard your investments and reduce the risk of becoming a victim of such scams.

The more the scam is being reduced as people get aware of their old tactics they use to scam people, same also we keep having some people coming in new to scam others in new dimension and adopt new techniques we couldn't believe to be fake because it will look so real to be true, we are also expected not to be greedy, incontempted and so quick to making decisions or leaving our private information open on the social media or the internet at large.

[Eureka_07]

It involves tricking individuals into sending their cryptocurrencies to scammers who promise high returns or investments with guaranteed profits. The name "pig butchering" comes from an analogy scammers use to convince victims to participate. They claim that just like a butcher would divide a pig into different parts, they can divide and multiply the cryptocurrencies sent to them, promising significant returns in a short period.


How it is done?

This scam operates on a classic Ponzi scheme principle, where early investors may receive returns to create a false sense of legitimacy. These returns are typically funded by the investments of subsequent victims, creating a cycle of deception. Scammers often use tactics to lure people into the scheme, such as social media promotions, online forums, or personal recommendations. They may present themselves as experienced traders or cryptocurrency experts, leveraging persuasive techniques to build trust. Once victims send their cryptocurrencies to the scammers' wallets, they quickly realize that the promised returns are nothing but empty promises. In most cases, the scammers disappear with the funds, leaving victims with significant financial losses.
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It seems that your thread somehow lacks some specific and vital details about the term "Pig Butchering Scam". Honestly this is my first time hearing that term, but I'm glad you embedded a link an article related to that scam.

It is specified in the article that the scammer works by trying to establish an emotional connection with the victim, posing as a 'lover' or 'friend.' Over time, the scammer will attempt to convince the victim to invest in a platform they control (although this may vary), promising returns to strengthen trust and potentially encouraging the victim to invest more. Eventually, the scammer will steal the funds and provide multiple excuses.

The term was new to me; however, the concept of the scam is familiar is familiar to me as I recently watched local videos about it.

[hugeblack]

The "pig butchering scam" is a type of cryptocurrency scam that has recently gained popularity.

There are many names and the meaning is the same. Do not trust anyone or a service that gives you high profits in a short time. They are scammers. Promoting these services does not only mean losing your money, but you may lose one of your friends because you will be the reason for his loss of money because you are the one who promoted those services. Money is not earned that easily, and if there is an individual who is able to double it easily and in a short period, why does he not take a loan and return the money quickly?

[pakhitheboss]

It seems that your thread somehow lacks some specific and vital details about the term "Pig Butchering Scam". Honestly this is my first time hearing that term, but I'm glad you embedded a link an article related to that scam.

It is specified in the article that the scammer works by trying to establish an emotional connection with the victim, posing as a 'lover' or 'friend.' Over time, the scammer will attempt to convince the victim to invest in a platform they control (although this may vary), promising returns to strengthen trust and potentially encouraging the victim to invest more. Eventually, the scammer will steal the funds and provide multiple excuses.

The term was familiar to me; however, the concept of the scam was new to me as I recently watched local videos about it.

I had to keep it small an simple. I embedded the link to the article just in case if anyone here would like to go into the details. My core idea was to familiarize everyone here with this scam.

Of course there is dating involved, friendship involved, sometime scammers offer jobs, sometime they offer themselves as investment consultant. There are many ways they are able to lure an innocent person to fall for thier scam. The situation is so bad that you won't even realize that you are getting scammed unless the scammer wants you to know about it.

[tranthidung]

How it is done?

This scam operates on a classic Ponzi scheme principle, where early investors may receive returns to create a false sense of legitimacy. These returns are typically funded by the investments of subsequent victims, creating a cycle of deception.

Scams in society are always like this, using very basic trick to trap naive and greed people. Ponzi scheme is not new but many people from many generations, many decades fall into Ponzi and lost money. Some people heard about it many times but when they let greediness blurs their minds, they will be trapped by Ponzi operators.

Scammers often use tactics to lure people into the scheme, such as social media promotions, online forums, or personal recommendations.

They are tools to operate Ponzi and tools can be used differently by different Ponzi operators as well as it can be trendy tools. Scammers will move around from area to area like medicine, stocks, finance, agriculture, many areas and they can use different tools to fuel their scam. Cryptocurrencies are just latest tools for Ponzi scammers.

How to protect yourself from this scam?

It's easy.

Control your greediness and focus on basics of money flow including inflow and outflow. It's the zero sum money game so money will move from people to people.

If they promise you very high profit, you must think where is your profit comes from. From the thin air, it's not realistic. From other people pockets, likely and if so, you must think next. What will happen if no new people join, inflow will be smaller or broken, the whole Ponzi scheme will collapse. Consequently, no outflow for you to even reclaim your initial capital.

[NotATether]

How to protect yourself from this scam?

It's easy.

Control your greediness and focus on basics of money flow including inflow and outflow. It's the zero sum money game so money will move from people to people.

If they promise you very high profit, you must think where is your profit comes from. From the thin air, it's not realistic. From other people pockets, likely and if so, you must think next. What will happen if no new people join, inflow will be smaller or broken, the whole Ponzi scheme will collapse. Consequently, no outflow for you to even reclaim your initial capital.

Also, get to paid work to keep yourself busy, or start a business or something. People without a stable income are the most likely to fall for investment scams.

There is no such thing as easy money, wherever it may be. Even things like making blog posts and Youtube videos take a significant amount of time, in making literally hundreds of them in some cases, before you finally start to break even and succeed.

[Potato Chips]

Although it's a bit disturbing, the pig butchering scam name perfectly fits the scheme hence I do use the term more. A lot of people also refer to them as romance scam since they typically involve romance.

I wouldn't say the popularity is recent as I've been regularly seeing this kind of scam for years. I actually think it's the most popular crypto scam right now. There is an interesting blog from Cipherblade estimating billions have been lost, see: https://cipherblade.com/blog/the-prevalence-of-sha-zhu-pan-aka-pig-butchering-scams/

[Porfirii]

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It is specified in the article that the scammer works by trying to establish an emotional connection with the victim, posing as a 'lover' or 'friend.' Over time, the scammer will attempt to convince the victim to invest in a platform they control (although this may vary), promising returns to strengthen trust and potentially encouraging the victim to invest more. Eventually, the scammer will steal the funds and provide multiple excuses.

That't the first thing I've thought when I read the article. It seems that some kind of LOVE is involved in this kind of schemes, which could be fraternal love when the scammer gains your trust so that you believe he is your friend, or even Tinder for a love in a more traditional sense of the word.

These types of scams were already becoming common, with the novelty that now they take advantage of cryptos for better results.

[Lucius]

I have to admit that this is the first time I've heard of this expression, so although it makes sense it sounds a bit strange and creepy, because it's associated with butcher's and sharp knives.

When I read the article posted by OP, I immediately remembered one case that still seems quite amazing to me today, it is about an Italian volleyball player who for 15 years believed that he was in a relationship with a Brazilian supermodel, and it cost him an incredible $800 000. I think that in the context of "pig butchering" he is the best example of a very well-fed pig, although I believe that there are quite a number of those who have had similar experiences, but are ashamed to admit it publicly.

Unfortunately, we increasingly see that people spend more time online without socialization as it once existed, and then in search of friends or partners they become victims of an increasing number of scammers who unfortunately make the most of it. I think that one of the ways to prevent this is to educate children in families, but also in elementary school because then they best acquire knowledge and could protect themselves from such threats.

[tabas]

I didn't know that's how it's called. But I think most of the old forum members here are aware of that scam and especially when it's like that they've been using Vitalik through those tweets and having that script of "send me this, I'll send you xx back".
While many newcomers gets in to the market without any background and knowledge, this will never get old so thank you for that reminder OP as many folks will see this thread and hopefully that they'll see it since there's the "scam" word on the title for which adds more interest on a thread especially those that are researching for something like this.

[Coyster]

This type of scam didn't just recently gain popularity, maybe the terminology ("Pig Butchering") did. For quite a long time people have been victims of this kind of scam, the difficult part of this scam is the stage of building trust with the potential victim, the trust is mostly in form of a relationship/friendship, i don't know if these victims are deprived of 'love' in real life, that they have to seek for it online.

Once they establish trust/love/confidence in their victim, it becomes so easy to scam them, mind you that they do not just scam the victim only once, but multiple times, after each episode they always have one more lie to follow it up and drag the victim further into their pit. Thus if the victim remembers how much they have already invested, they'll choose to continue paying to get the promised reward, rather than stopping now and lose all the money invested as well as the promised (fake) reward. The scam only stops once the victim realizes that they have been fooled all along.

[Z390]

Very familiar with this scamming way, it's like Ponzi scheme where the early investors fund are used to settle new comers and it keeps going on in the circle, this has been around for years,  so I want to correct your point that this scheme is just recently gaining popularity, wait for many members reply, you will see that almost everyone knows about this trick, it's been around before I even know about Bitcoin.

You have my respect though, as the sentence of "pig butchering" fits this scamming way, it can last longer if the scammers wanted, most I have seen are short-lived, and they will create another platform from scratch.

[Rikafip]

The "pig butchering scam" is a type of cryptocurrency scam that has recently gained popularity.

From what you explained, there is absolutely nothing new about this scam technique and it looks to me like a classic ponzi scheme where old investors are paid with the money deposited by new investors and it goes on for a while, as long as there is constan influx of new investors. Worst of all is that more elaborated ponzi schemes with lower ROI can go on for years before people actually figure out what's going on.

[Who is John Galt?]

The "pig butchering scam" is a type of cryptocurrency scam that has recently gained popularity.

From what you explained, there is absolutely nothing new about this scam technique and it looks to me like a classic ponzi scheme where old investors are paid with the money deposited by new investors and it goes on for a while, as long as there is constan influx of new investors. Worst of all is that more elaborated ponzi schemes with lower ROI can go on for years before people actually figure out what's going on.

Unlike a Ponzi scheme, "pig butchering" involves first building relationships with the victim. This may be an attempt to introduce himself as an old friend or start a romantic or professional relationship. The scammer seeks to gain the trust of the victim, which he then uses in order to get money. And the options for luring are different: sometimes the victim receives worthless tokens, sometimes he gets an account on a dubious site, where there is only the appearance of investments, and sometimes he simply loses all his money right away. Talking about investments within the framework of other topics is simply trapping. Unlike the Ponzi scheme, "pig butchering" is luring not with promises of unreasonably high incomes, but with trust in the words of a scammer-interlocutor.

[Dr.Bitcoin_Strange]

Most people get overwhelmed by the amount of profit they are going to make any time they see a scam platform. They get so overwhelmed and blinded by the profit alone that they do not think of the risk in which they may be involved. Just like some years ago when I wanted to buy one coin like that, I charted the seller up on Telegram and we discussed, and he showed me the coin he wanted to sell to me and asked me to make payment to him before he sent it to me. I disagreed with him, and he refused to send it unless I sent it first. At that point, I just decided to send it to him, but before I sent that USDT that day, I just took the decision that even if it's a scam, well, let him or her enjoy it. So I sent first, and the guy vanished.

Thanks for the heads-up at @pakhitheboss. At least I am wiser now not to fall into these kinds of scams, but at least I can pass on the information. There are are many newbies out there.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

[palle11]

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<snip>
It is specified in the article that the scammer works by trying to establish an emotional connection with the victim, posing as a 'lover' or 'friend.' Over time, the scammer will attempt to convince the victim to invest in a platform they control (although this may vary), promising returns to strengthen trust and potentially encouraging the victim to invest more. Eventually, the scammer will steal the funds and provide multiple excuses.

That't the first thing I've thought when I read the article. It seems that some kind of LOVE is involved in this kind of schemes, which could be fraternal love when the scammer gains your trust so that you believe he is your friend, or even Tinder for a love in a more traditional sense of the word.

These types of scams were already becoming common, with the novelty that now they take advantage of cryptos for better results.

I think whatever the name the scammers try to change it to, we know it to be a common Ponzi scheme strategy where the downliners lose all they have invested. Most times the first participants get some thing which will make them put more investment together with new comers who become downliner. The caution not to fall is always to believe that you are alone on the internet and the rest people are people you have not met and so you don't have to trust who you have not met. Treat yourself with a level of isolation and research before taking any risk.

[Stepstowealth]

How it is done?

This scam operates on a classic Ponzi scheme principle, where early investors may receive returns to create a false sense of legitimacy. These returns are typically funded by the investments of subsequent victims, creating a cycle of deception. Scammers often use tactics to lure people into the scheme, such as social media promotions, online forums, or personal recommendations. They may present themselves as experienced traders or cryptocurrency experts, leveraging persuasive techniques to build trust. Once victims send their cryptocurrencies to the scammers' wallets, they quickly realize that the promised returns are nothing but empty promises. In most cases, the scammers disappear with the funds, leaving victims with significant financial losses.

It has taken a lot not to have fallen victim to these kind of people during the time that my interest in cryptocurrency just started. There are some people on Instagram that I always see posting testimonials of people that had trusted them with their money to trade crypto for them and the results they have been getting which are mostly positive. They claimed to be using robots to trade so they barely make mistakes and they mostly profit. They make daily post everyday seeking new people to join them and trust them. I have almost started trusting this people, and was planning to send them a message on how I could get started, every time I think back to it, I am glad that I did not and quick came to my senses. I was able to avoid mistakes because I did not make a decision once to send them a message and begin, but I waited to think about it again.