In the age of Web 3.0 and cryptocurrencies, there are many ways to exploit its features. A new way that became viral is according to news recently broke calling the scam “Pig Butchering Scam”. The scam was first reported in China and happened via a dating app.
What is a Pig Butchering Scam?
The scam combines romance scams with crypto scams as victims are promised “happily ever after” and huge crypto profits. Cybercriminals running this long-running scam spend months earning the trust of online daters by exploiting the romance and lure of quick crypto returns for scam victims. This can lead to irreparable financial damage as well as lasting emotional and psychological trauma.
scammers meet victims on popular dating apps before moving the conversation to WhatsApp and bombarding the victim with flirtatious messages. After the conversation is converted to crypto, a scammer posing as a successful crypto trader offers to show the victim how to invest their money quickly.
What are other ways of crypto scams?
While cryptocurrency has plenty of legitimate uses, the currencies themselves are a favored payment method by cybercriminals looking for fast money whilst also maintaining their anonymity.
Jane Lee, a researcher at Sift, an online fraud prevention firm said, “Most recently, we’ve noticed fraudsters on messaging app forums posing as legitimate charities seeking cryptocurrency donations for Ukraine. However, because crypto payments are confirmed by both parties on the blockchain, the donors have no recourse and the fraudster can walk away with the money.”
What are the ways to stay safe?
Increasing digital literacy is more important than ever as our daily lives continue to transform online. People should do their research before investing in crypto and always make sure the platform they are using is official and legit. Presence in reputable search engines and app stores. is a good start.
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