The Federal Bureau of Investigation (FBI) has issued yet another cryptocurrency warning via its social media profile on the X platform.
This time around, it has warned about cryptocurrency-focused "pig butchering" schemes, which have emerged as the most prevalent scams.
"Pig butchering" scams typically involve creating a fake online identity by either stealing someone's photos or using AI-generated photos. Fraudsters typically look for their potential victims on dating apps, popular social media platforms and so on.
Scammers typically spend weeks or even months looking for victims who could potentially fall into their trap. Then, they have to use various techniques in order to build trust and achieve a certain level of intimacy. They might rely on empathy, flattery, evoking romantic feelings and so on.
Alex DovbnyaFraudsters then start pitching various investment opportunities during conversations. Victims are often asked to download some sketchy investment apps and make initial deposits. Of course, their ultimate goal is to separate the victim with as much money as possible. Their final act is usually vanishing without a trace. Some scammers might not stop there since they can also start targeting the victim's family members.
Those who fell prey to big-butchering scams are advised to file a report with the FBI. Victims are advised to provide such information as communications with the scammer and the details of fraudulent financial transactions.
Potential victims are, of course, advised against making investment decisions based on the advice of someone they met online.
Arman Shirinyan
Dan Burgin