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What is the "pig butchering" scam? Why is it called "pig butchering"? What are some of its elements? How bad can it get?

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The name

The term pig butchering refers to an unsuspecting victim — the “pig” — being tricked by scammers into forking over money for a promised high rate of return.

Scammers “fatten up the pig by getting the victim to think that they’re investing in something and get them to move money into cryptocurrency,”

Once criminals “fatten up” their victims’ digital wallets, they steal the money...

How the scam can start

Scammers blast out millions of unsolicited messages each day to unsuspecting victims via text message and social media, often with an innocuous note like, “Hi, how are you?”

The scammer operating under a false identity builds a relationship with the victim, sometimes over just a few weeks, before suggesting the victim “invest” in cryptocurrency.

What the scam can lead to

One technique involves assuring a victim that the scammer has made significant profits in cryptocurrency, persuading the victim they shouldn’t miss out on the benefits of cryptocurrency investments.

Those who fall for the scam are coaxed into sending more and more money, and even provided with fictitious financial statements that make it appear their investments have made a substantial return.

More information at this source: https://www.cnn.com/2022/12/26/investing/crypto-scams-fbi-tips/index.html

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