Tag

Pig Butchering

All articles tagged with #pig butchering

society8 days ago•7 min saved

Bay Area retiree loses $500K to a romance scam tied to crypto hype

A San Francisco retiree wired more than $500,000 to a woman he met online after months of romance, believing they’d start a new life together. The scam, a so-called pig-butchering scheme leveraging crypto promises, led funds to overseas accounts in Malaysia and Vietnam. Despite repeated warnings from family and friends and alerts to authorities, the victim pressed on, later realizing the supposed multi-million crypto stash required a $25,000 unlock fee and that he’d been scammed. The case highlights how persistent online romance scams can drain life savings even in the face of clear red flags.

via ABC7 San Francisco|

#bay-area #cryptocurrency #fraud

crime3 months ago•13 min saved

Stranger's Facebook Message Leads to $280,000 Loss

Joe Novak was deceived by a fake online romance that led him to invest $280,000 in a scam, highlighting the dangers of sophisticated crypto fraud schemes known as 'pig-butchering' which have drained billions from victims in the US.

via CNN|

#crime #crypto-fraud #financial-loss

crime4 months ago•4 min saved

US and Allies Seize Over $15 Billion in Crypto from 'Pig Butchering' Scams

The US authorities seized $15 billion in cryptocurrency from a scheme linked to forced labor camps in Cambodia, led by Chen Zhi of the Prince Group, involving large-scale scams and money laundering, marking the largest forfeiture in DOJ history.

via CNN|

#crime #cryptocurrency #fbi

world8 months ago•2 min saved

US DOJ Seizes $225 Million in Crypto Linked to 'Pig Butchering' Scams

The U.S. Department of Justice has seized over $225 million in cryptocurrency, marking the largest-ever crypto seizure related to 'pig butchering' scams, which involve developing trust with victims to defraud them through elaborate schemes. The funds were linked to a sophisticated money laundering network, and the operation involved multiple federal agencies working to trace and recover the illicit assets, protecting victims worldwide.

via The Hill|

#cryptocurrency #doj #pig-butchering

cryptocurrency-scam1 year ago•3 min saved

"Brooklyn Prosecutors Halt $75 Billion 'Pig Butchering' Crypto Scam, UN Warns of Southeast Asia Victims"

Brooklyn prosecutors have seized nearly two dozen web domains associated with a cryptocurrency scam known as "pig butchering," which has defrauded victims in multiple states out of millions of dollars. Scammers lure victims into bogus cryptocurrency investments through online conversations, with victims in Brooklyn alone losing at least $5 million. The scammers use elaborate storylines to gain victims' trust, promising substantial returns on investments that ultimately vanish when victims attempt to withdraw funds. Authorities warn the public to be cautious of unsolicited investment opportunities and to avoid making cryptocurrency investments based on advice from strangers.

via ABC News|

#brooklyn #cryptocurrency #cryptocurrency-scam

crime-scams2 years ago•3 min saved

"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.

via NBC News|

#crime-scams #cryptocurrency #fbi

scam-alert2 years ago•2 min saved

"Beware of the 'Pig Butchering' Scam: Alabama Victims Lose Millions"

Genesee County Sheriff Christopher Swanson warns the Michigan community about the "pig butchering" scam, a type of crypto scam where scammers build trust with victims through catfishing and convince them to join a financial investment scheme. Victims in the United States lost over $3 billion to this scam last year. Michigan-based life coach Simon Preslyn lost $35,000 to the scam, while others in Florida and Alabama lost $15,000 and $22 million, respectively. Officials advise the public to be cautious online and not to trust strangers promising too-good-to-be-true opportunities.

via WXYZ 7 Action News Detroit|

#crypto-scam #financial-loss #online-scam

scam2 years ago•3 min saved

Tinder scam leaves newly divorced mom without $100k 401k savings

A newly divorced mother-of-three lost her entire 401(k) savings of $100,000 to a scammer she met on Tinder who convinced her to invest in cryptocurrency. The scammer, who claimed to be a French entrepreneur named "Fred," used the "pig butchering" scheme to gain her trust before convincing her to invest all her retirement funds. The scheme involves months-long fake romance before "butchering" with fake investment advice. Investment fraud caused the highest losses of any 2022 scam reported by the public to the FBI's Internet Crimes Complaint Center, totaling $3.31 billion.

via New York Post |

#401k-savings #cryptocurrency #investment-fraud

scam2 years ago•6 min saved

Tinder Scammer Tricks Mom into Losing $100k Retirement Savings

A divorced mother of three lost over $100,000 to a scammer she met on Tinder who convinced her to invest in bogus cryptocurrency schemes. The scam, known as "pig butchering," involves building a fake romantic relationship with the victim before providing fraudulent investment advice. The con is reportedly exploding across the US and Australia, with victims losing up to $850,000. The scam is often run by criminal syndicates in Cambodia, and victims are given scripts tailored to their individual circumstances.

via Daily Mail|

#cryptocurrency #investment-scam #pig-butchering

scamfraud2 years ago•6 min saved

Tinder Scammer Leaves Single Mom Penniless After Stealing Entire $401k Savings

A divorced mom-of-three lost her entire 401(K) to a scammer she met on Tinder who convinced her to invest in bogus cryptocurrency schemes. The scam, known as 'pig butchering,' involves building a fake romantic relationship before butchering victims with fraudulent investment advice. The woman is the third victim to come forward in recent months, with officials saying the con is exploding across the US. The FBI's Internet Crimes Complaint Center shows cryptocurrency scams are the fastest-growing type of investment fraud, with victims reporting losses of $2.57 billion last year.

via Daily Mail|

#cryptocurrency #investment-fraud #pig-butchering