The Pig Butchering Crypto Scam refers to a scam and investment fraud that takes place over stages and encourages people to put their money in what appear to be safe and successful businesses. Usually shown as a part of a successful cryptocurrency scheme, Pig Butchering Crypto Scam wins the victim’s trust via continuous, open, and fake transparent communication encouraging the victim to have faith in the investment scheme.
Mostly done on social media apps, these fraudsters use fake messages, photographs, and portfolios to ignite the individual’s curiosity. When a victim’s property or money is taken, it is comparable to “butchering” or “slaughtering”.
Usually, a healthy conversation started by a stranger sets up the scam. The con artist may seem suspicious of whether they have the right number while simultaneously claiming to have obtained the victim’s number from a mutual friendship. But this is an attempt to start a conversation with the victim. To gain victims’ trust and establish a relationship, scammers have also been known to use pictures of females as a reflection of interest in romance or companionship.
Working Of Pig Butchering Scam
The whole scam is not a one-day game! It involves steps to ensure that the goal is accomplished. Usually, the following steps are taken systematically to accomplish the scam-
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STEP 1: Winning over the victim’s trust
STEP 2: Manipulating the victim to make an investment
STEP 3: Collecting the funds
STEP 4: Disappearing from the victim’s life suddenly
Tips To Protect Yourself From Pig Butchering Scam
Here are some quick safety tips to ensure that your funds remain safe from the ongoing fraudulent activities in the cryptocurrency niche –
- Verify the legitimacy of brokerages before investing.
- Monitor identity theft resources for leaked personal information.
- Be cautious of high investment returns with low risks.
- Do research well before taking any step.
- Report suspicious activity promptly to concerning authorities.
- Exercise caution with random online friendships.
- Avoid investing carelessly in vague or high-profitability schemes.
- Exercise caution with cryptocurrency investments due to high scam rates.
- Only invest money in risky schemes that you are prepared to lose.
- Inform family and close ones about potential fraudulent schemes to protect them.
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