Crime Scams News

"FBI Takes Action Against Rising 'Pig Butchering' Scams and DeFi Threats"

The FBI is taking action against a rising online scam known as "pig butchering," where victims are lured into investing in cryptocurrency by promises of romance and riches, only to lose their life savings to organized criminal groups based in Southeast Asia. The scam, which has resulted in over $3.5 billion in reported losses and 40,000 victims in the United States in 2023, preys on people from all walks of life. The FBI is using cybertechniques to identify and warn potential victims, as well as recover some stolen funds, but many victims never see their money again. One victim, Barry May, lost over $500,000 and warns others to be cautious of offers that seem too good to be true.