In many ways, the world of cryptocurrency is an unknown frontier.
A majority of the public is not educated on what cryptocurrency is, how it works, or how to safely purchase it.
It is crucial to stay vigilant while wandering the world of crypto and to know the warning signs that indicate your investment may be a scam. While there are several popular scams that surround the cryptocurrency industry, there is one that is growing at an alarming rate:
The Pig Butchering Scam
While it has nothing to do with the slaughtering of pigs, this scam is named the Pig Butchering Scam because it involves raising the “pig” (the victim) for a long time before butchering (scamming) them.
This scam is unique because it’s doesn’t necessarily target those that are already involved in investing in cryptocurrency, which also makes it more dangerous as victims wouldn’t be as knowledgeable about the subject.
There are many ways for this scam to occur. One popular way is for a scammer (with a fake account) to match with the victim on a dating app, and then slowly introduce the idea of investing in crypto to them. Sometimes, this scam begins by having a “friend” with a compromised social media account reach out to the victim and encourage them into investing in a cryptocurrency.
No matter how the scam is presented, it operates the same. The scam begins with having the victim invest through a seemingly legitimate-looking website, allowing them to take some of their “profits” out at first to trick the victim into thinking that the company is legit, and then wait for them to invest a good chunk of change. Once the scammer deems that the victim has invested enough money, they lock them out of their account and steal the money. The website is fake, no profits were ever made and no cryptocurrency was ever invested in.
If you are interested in investing in cryptocurrency, be sure to only use well-known platforms such as Coinbase to make your purchase, and do not trust strangers that suggest you use their platform to make your investments. No one on Tinder that wants you to purchase crypto is real, and you will lose all of your money.