Crypto Con Caution
Cryptocurrency investment scams known as “pig butchering” are increasingly prevalent and easily perpetrated.
What is Pig Butchering?
Pig butchering is a type of cryptocurrency investment scam where fraudsters build trust with victims over time, through text messages, social media, or dating platforms. The scammers gradually convince their targets to invest in fake cryptocurrency schemes. The term "pig butchering" refers to the process of "fattening up" the victim with promises of impressive monetary gains before "slaughtering" them by stealing their money.
Recognize the Red Flags
- Unsolicited Contact: Be cautious if someone you do not know contacts you, especially on social media or dating applications.
- Too Good to Be True: Be leery of investment opportunities that promise high returns with little or no risk.
- Pressure to Invest Quickly: Scammers often create a sense of urgency to pressure you into making quick decisions.
- Fake Platforms: Verify the legitimacy of any investment platform by researching it thoroughly and checking for reviews or warnings from reputable sources.
- Requests for Personal Information: Exercise caution if someone asks for sensitive information, such as your bank account details or cryptocurrency wallet keys.