"FBI Cracks Down on Rising Pig Butchering Scams and DeFi Threats"

The FBI is taking action against a rising online scam known as "pig butchering," which has led to thousands of people losing their money to fraudulent investment schemes, often involving cryptocurrency. Victims are lured in with promises of romance and riches, only to be swindled out of their life savings. The FBI has seen over $3.5 billion in reported losses and around 40,000 victims in the United States in 2023. The agency is using sophisticated techniques to identify and warn potential victims, as well as recover some of the stolen funds, but most of the money is never recovered. One victim, Barry May, lost over $500,000 and warns others to be cautious of offers that seem too good to be true.