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Crypto Investment Scams (Pig Butchering Scams)
A Trust-Based Relationship Scam – An Investment Scam
Catalog of Scams – A SCARS Institute Resource
Catalog of Scams: Crypto Investment Scams (Pig Butchering Scams)
A cryptocurrency investment scam, also known as a pig butchering scam, is a sophisticated fraud that involves manipulating victims into fake cryptocurrency investment opportunities. The scam often starts with the perpetrator establishing contact with the victim through social media, dating apps, or messaging platforms. The scammer builds rapport over time, posing as a trustworthy individual or even a financial advisor, before introducing the victim to a supposedly high-profit investment opportunity, usually centered around cryptocurrency trading or investments.
In this scheme, the victim is led to believe they can generate substantial returns with minimal effort. The scammer uses online trading platforms that appear legitimate but are, in fact, fake or manipulated by the scammers. They may provide the victim with access to the platform and encourage them to make an initial investment. In many cases, the victim sees an immediate profit from the first investment, which is done to build trust and convince them to invest more money.
As the victim becomes more confident in the legitimacy of the investment, they are encouraged to make larger investments. The scammer may provide false data or manipulated figures showing significant profits, reinforcing the idea that the investment is a genuine and lucrative opportunity. The term “pig butchering” refers to the scammer “fattening up” the victim—convincing them to continue investing more money—before “butchering” them by disappearing with the funds.
Over time, the victim may invest substantial sums of money, believing that their investments are growing. However, when they try to withdraw their profits, they encounter problems. The scammer might introduce fake fees, taxes, or other obstacles that prevent the victim from accessing their funds. In some cases, victims are told they need to invest even more money to unlock their profits or resolve supposed issues, further deepening their losses.
Once the scammer has extracted as much money as possible from the victim, they disappear, leaving the victim with nothing. At this point, the trading platform may become inaccessible, or the scammer may cease all communication with the victim, leaving them with significant financial losses and no recourse to recover their funds.
Cryptocurrency investment scams have become increasingly common as the popularity of digital currencies like Bitcoin and Ethereum grows. Scammers take advantage of the complexity and relatively unregulated nature of cryptocurrency markets, making it difficult for victims to verify the legitimacy of investment opportunities. The promise of quick and large returns plays on people’s emotions, leading them to overlook warning signs and red flags.
Cryptocurrency investment scams are highly manipulative, often leading victims to believe they are engaging in legitimate, profitable investments when, in fact, they are being systematically deceived. Victims often suffer significant financial losses, and the anonymous nature of cryptocurrency transactions makes it difficult to track down the scammers or recover stolen funds. Understanding the tactics used by scammers in these schemes is essential to avoid becoming a victim.
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Important Information for New Scam Victims
- Please visit www.ScamVictimsSupport.org – a SCARS Website for New Scam Victims & Sextortion Victims
- Enroll in FREE SCARS Scam Survivor’s School now at www.SCARSeducation.org
- Please visit www.ScamPsychology.org – to more fully understand the psychological concepts involved in scams and scam victim recovery
If you are looking for local trauma counselors please visit counseling.AgainstScams.org or join SCARS for our counseling/therapy benefit: membership.AgainstScams.org
If you need to speak with someone now, you can dial 988 or find phone numbers for crisis hotlines all around the world here: www.opencounseling.com/suicide-hotlines
A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish, Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors experience. You can do Google searches but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
SCARS Resources:
- Getting Started Right: ScamVictimsSupport.org
- Sextortion Scam Victims: Sextortion Victims Support – The Essentials (scamvictimssupport.org)
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- Become a SCARS Member and get free counseling benefits, visit membership.AgainstScams.org
- Report each and every crime, learn how to at reporting.AgainstScams.org
- Learn more about Scams & Scammers at RomanceScamsNOW.com and ScamsNOW.com
- Scammer photos ScammerPhotos.com
- SCARS Videos youtube.AgainstScams.org
- Self-Help Books for Scam Victims are at shop.AgainstScams.org
- Worldwide Crisis Hotlines: https://blog.opencounseling.com/suicide-hotlines/
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