Pig butchering scam is a big deal

[BIT-BENDER]

Before I post this I believe the best thing to do is research and see if it has been posted on the forum before now as as I thought it has been posted severally but this gives a good understanding of what pig butchering fraud is all about
https://bitcointalk.org/index.php?topic=5456409.msg62408819#msg62408819

What makes pig butchering extremely dangerous especially for newbies is that it can be connected to
+ Romance scam
+ Ponzi scheme
+ Trading and investment scam directly

Recently the US seized 8 billion dollars from suspected scammers with connection to pig butchering fraud and their leader who is from Cambodia

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.foxnews.com/us/fbi-seizes-record-setting-8-billion-cryptocurrency-amid-intercontinental-scam-compound-crackdown&ved=2ahUKEwjmmpDvhPCUAxUbW0EAHdhkJOUQFnoECB0QAQ&usg=AOvVaw3tERZCY0Y1OEtl9nBpYcrl

Be careful to not take anything for granted, even if it looks real, if the profit shown to you seems real it can just be a  process to rip you off your life savings. Be careful of pig butchering fraud

[BluebloodCXVI]

Before I post this I believe the best thing to do is research and see if it has been posted on the forum before now as as I thought it has been posted severally but this gives a good understanding of what pig butchering fraud is all about
https://bitcointalk.org/index.php?topic=5456409.msg62408819#msg62408819

What makes pig butchering extremely dangerous especially for newbies is that it can be connected to
+ Romance scam
+ Ponzi scheme
+ Trading and investment scam directly

Recently the US seized 8 billion dollars from suspected scammers with connection to pig butchering fraud and their leader who is from Cambodia

https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.foxnews.com/us/fbi-seizes-record-setting-8-billion-cryptocurrency-amid-intercontinental-scam-compound-crackdown&ved=2ahUKEwjmmpDvhPCUAxUbW0EAHdhkJOUQFnoECB0QAQ&usg=AOvVaw3tERZCY0Y1OEtl9nBpYcrl

Be careful to not take anything for granted, even if it looks real, if the profit shown to you seems real it can just be a  process to rip you off your life savings. Be careful of pig butchering fraud

These scammer are always up to mischief, looking for innocent victims to rip off. You did well by opening this discussion, perhaps our fellow brothers and sisters need more awareness about the new ways these goddamn scammers are creating to rip unsuspecting people off and try not to fall in their trap.

[Charles-Tim]

I accept that romance scam is a type of pig butchering scam, but also include all other scam that someone later have trust in the scammer which can be as a result of the victim later trusting a stranger which he or she thought has become a friend and a trustworthy person.

Also yes that it is connected to trading and investment scam because if the scammer do not tell the victim that he is in need of money, he can tell the victim that he should do an investment which he will introduce. While the fake investment can be a ponzi, but also likely not a ponzi.

I would have loved this explanation.

[Hypnotizer]

Lately I’ve been seeing some investment Ponzi schemes around here where I live and some people wouldn’t still learn, they’re still putting their money into it!

You know all these scams that ask you to invest a particular amount or more and you’ll be getting returns as profit while your original capital is still with them? That’s the kinda scam and I expected people would have move pass that era that believes in these things to the extent of even investing but No, people are still falling for these scam.

I tried calling out some people that wanted to invest in these scams though but some wouldn’t listen, they’ve trust these scammers even though they’ve witnessed and seen these pig butchering scandals for a couple of times.

At these point I don’t know whether awareness alone isn’t enough to reduce these scams because sometimes people greed would still lead them to fall of these scammers tricks and manipulation.

[Comeacross]

The best way to avoid this scam is never trust anyone online. You should always assume every stranger that comes your way is a scammer until they prove themselves otherwise.

It's possible to meet someone online and gain your trust but the moment they start dishing out investment advice without being consulted, you should know you're dealing with a potential scammer.

If they come from the angle of begging, decline their request to see how they react. If they make subsequent requests after several denial, it's probably a scam. Real friends should be able to read your actions and know you're not comfortable with such requests and they should stop asking. Scammers always try harder and never give up.

If they offered to help you without you asking for help, kindly reject and say thank you even if they're genuine. If anyone offers to help you when you never ask for help, just know they have a motive behind it. Your rejection will useless their future plan.

[Wiwo]

What we should know is that, there is no other investment model that involves bitcoin or any other cryptocurrency that is legitimate and fast way to know them is they promise of high returns in investment, this is all targeted at getting the greed and attention ot their perceived victims.

What we have to know is that scammers are smart and knows the exact very spot to hit their victims.

We shouldn't give them that chance or attentions, and only hold your funds in your personal wallet instead of to put it in any third-party account for a promised percentage retunins.

[Pablo-wood]

The high returns the promise has been the strongest weapon they use in getting their victims. Most of the successful scam records are mostly attributed to  empty promises disguised in the name of guaranteed high returns. The don't come totally as ponzi this days, most of them operate as exchange and trading platforms where the go as far as integrating AI trading bots to lure people with fake profits and after a while the drop down their servers.

To make things even worst AI models now build websites from scratch even host and manage them making it even easier for this scammers to operate in ways more difficult to detect.

[Obim34]

In short, be prepared for all forms of scam. Aside the listed types of scam, there are also many other scams on the internet which we should be careful about them, the average amount of people on the internet, offering investment plans are making preparations for you to become their next victim, whichever way they may come, always be sensitive to sense them.

Impersonation of a close contact is also another means of scamming, that is why you must verify always before involving. Imagine being asked to deposit $100 and get 200%-300% in 1 week, what a decoy for scam.

[BIT-BENDER]

I accept that romance scam is a type of pig butchering scam, but also include all other scam that someone later have trust in the scammer which can be as a result of the victim later trusting a stranger which he or she thought has become a friend and a trustworthy person.

Also yes that it is connected to trading and investment scam because if the scammer do not tell the victim that he is in need of money, he can tell the victim that he should do an investment which he will introduce. While the fake investment can be a ponzi, but also likely not a ponzi.

I would have loved this explanation.

Ok Ponzi schemes can be connected to or be a type of pig butchering fraud, because in Ponzi scheme they work with fake promises and profit, to Me the fake promises may not be necessary only to catch the victim which the profit was sent to but also catch the very greedy ones who falls for profit sent out to people.
The thing with Ponzi scheme is that it looks real for the first time, the first few days or months but always end up with the organisers absconding with peoples investment.

[Tetu100]

The high returns the promise has been the strongest weapon they use in getting their victims.

I agree with you on this bro, because this has been their key strategy they have being using in nailing down their victim for sometimes now and yet people are still not aware that they aren't as legit as they always claim to be true. However, the fact is cleared, if we check out the list of the scammed victims you will notice some level of greed in them and that was how they were easily manipulated. Scammers currently knows the weakness of their victims that they love money so much and if they, can put out something milky offer out there people can easily turn up and boom they have hit a jackpot.

What am saying in essence is that the reasons why many people easily fall victim of scam is mostly cause by us, some people are very greedy, some people are so desperate to make money by all cost not minding the authenticity of the source and before you know they re victimize. Therefore, if we must stay safe and not to be involved in any of this  then the solution is to  be more careful enough before entrusting someone or any platform, and most importantly let's  operate on zero greed in all we do because that is major problem and the brain behind it.

[promise444c5]

Their target are always the  greedy ones.. that the main target.
I don’t blame some people though, when they get introduce to such investment, what they always calculate is how much they would make in just a very short period of time which they can’t even make from doing business.

They can even go as far to the extent of 4000% return on investment  .. how’s that not obviously a scam? But no they are already blinded by the money.

[Dr.Bitcoin_Strange]

That was how someone DMed just today on telegram, I believe that the person must have seen my comment from a XAUUSD trading group and so he DMed me telling me that he is very happy today because he made a huge profit following the NFP new today, so he said he is offering any form of help to random people that catch his attention, so I asked him to fund me with just a $100 and the next thing he said was that I should give him login details to my broker and then he will fund it and we will manage the account together, I just had to block him. The strategy he came with, if I was a newbie, I could just believe him owning to the fact that today, the market actually sold off so well that people who short the market made so much profit, but due to my experience, I already knew it was a scam. We should be extremely careful these days.

[Agbamoni]

I know of this scam, not new at all. I just didn't know it was called a pig butchering scam.
Investment scams can be avoided if we are not greedy. I believe that if a person agrees with someone else to multiply their money, especially if it's someone he just met online. It means he is greedy and a fool. It takes weeks to build trust with that person, if there is no sexual attraction, I dont think people will be foolish enough to fall for the pig butchering scam.

[Sim_card]

I know of this scam, not new at all. I just didn't know it was called a pig butchering scam.
Investment scams can be avoided if we are not greedy. I believe that if a person agrees with someone else to multiply their money, especially if it's someone he just met online. It means he is greedy and a fool. It takes weeks to build trust with that person, if there is no sexual attraction, I dont think people will be foolish enough to fall for the pig butchering scam.

I have observed that people that always want to reap from where they didn't sow are the ones falling more for this kind of scam because they think they're smart and can get whatever, they want easily. Anything that's too good to be true ends up being a scam. Don't give money to strangers that you met online.

[Mate2237]

Even though this topic has been discussed severally on this forum there is great need for us to always keep reminding ourselves concerning type of scam. Call it pig butchering or not I will discribed it has doubling of your crypto currency, which is mostly offered by scammers on social media platforms. For the records no both can double your crypto currency for you, it's a lie if you ever come across such promise coming from anyone on social media jus know that you are talking to a scammer.


Most of the people who fall into these types of scam is actually as result of greed. If not I don't see how an individual will think that someone can grow and double his crypto currency for him and send the profit to him while doing nothing. The will to making quick and stress free life is the major contributor to this.