SCARS Institute’s Encyclopedia of Scams™ Published Continuously for 25 Years
Building A Digital Defense Against A New Romance + Cryptocurrency Scam Called “Pig Butchering”
Listen to the Podcast below – Podcast will automatically play
The Pig Butchering scam pulls on heartstrings and purse strings, and it is much easier to execute than regular emergency-based romance scams!
The fraud is named for the way scammers feed their victims with promises of romance and riches before cutting them off and taking all their money. The original Chinese name: Sha Zhu Pan 殺主盤
It’s run by a large number of organized fraud rings focused on cryptocurrency scams that mine dating apps and other social media for victims.
And the scam is becoming alarmingly popular.
In 2021, the FBI’s Internet Crime Complaint Center received more than 4,300 complaints related to crypto-romance scams, resulting in more than $429 million in losses. But remember that these numbers are ridiculously low since less than 3% of victims report these crimes.
The scam started in China in late 2019, but, as those numbers indicate, it’s now becoming more prevalent in the United States and everywhere else. Scammers (in China) are using translation programs to communicate seamlessly with their victims.
Victims have very similar stories:
Meeting someone on a dating app or social media, the scammer gains the confidence and trust of the victim, and then claims to have knowledge of cryptocurrency investment or trading opportunities that will result in substantial profits. The victim is then directed to transfer large amounts of cryptocurrency from the exchange account to cryptocurrency wallets controlled by fraudsters, ultimately losing it all.
Here’s how to protect yourself:
- Never send money, trade, or invest based on the advice of someone you have only met online.
- Don’t talk about your current financial status to unknown and untrusted people.
- Don’t provide your banking information, Social Security Number, copies of your identification or passport, or any other sensitive information to anyone online or to a site you do not know is legitimate.
- If an online investment or trading site is promoting unbelievable profits, it is most likely that—unbelievable.
- Be cautious of individuals who claim to have exclusive investment opportunities and urge you to act fast.
If you are the victim of any online fraud, you should report the incident to the FTC at https://reportfraud.ftc.gov/#/?orgcode=SCARS and on www.Anyscam.com, and optionally to the FBI – however, first report it to your local police – that police report number is essential when communicating with financial institutions.
Why Is This Scam Really Called “Butchering The Pig?”
WARNING: SCAM VICTIM TRIGGER ALERT
THE FOLLOWING IS NOT FOR NEW VICTIMS
This scam is called “Butchering the Pig” or Pig Butchering because targets are engaged daily for several months before large amounts of money are sent to the scammers; in other words, it is like fattening up a pig before the slaughter.
- The scammers, using a profile of an attractive (usually) Asian man or woman (but more and more, they are of any race and they are coming from any country), lead the target (the pig) through carefully scripted conversations. The interim goal is to develop a trusting relationship – friendship or romance.
- The scammer suggests that the victim can make a little money, just like they did. Once the target has sent an initial “investment” deposit, the account will show impressive gains. Sometimes the scammer will allow the target to withdraw a small amount of money to prove its legitimacy.
- The target is then encouraged to send further funds to maximize this investment opportunity – even borrow money from family & friends, take out loans – whatever they have to do to take full advantage of “this opportunity” to become rich.
- Once the scammers have the larger amount it typically ends. The scammers cut off all communication, leaving the target without their money or their “profits” or even really knowing what happened.
- Unlike regular romance scams, where the victim ends the scam, here the scammers do it by taking the money and just running!
What makes this scam so insidious and so successful is that while the amounts that are stolen usually range between USD$10,000 and $2,000,000+, the sheer number of scams occurring is overwhelming. We have seen cases, such as one prominent lawyer who lost more than $5 million on this scam. He eventually decided not to pursue his claims because he feared the publicity would destroy his legal practice.
Unlike regular romance scams where the victim’s trust is the limit of the losses, in this case, there are no red flags to see, so people invest vast amounts of money. SCARS estimates that the average loss in a Pig Butchering scam is above $50,000.00
Between January and July of 2021, the FBI alone received nearly 2,000 complaints of cryptocurrency-focused Sha Zhu Pan scams and there is little doubt the number is considerably higher since only about 1-3% of victims report these scams.
Some claim that the police in China don’t really care because they have more important things to do and they are not all that fond of Americans and Europeans. However, this is yet another Urban Legend from amateur anti-scammers. The reality is the Chinese lead the world in scammer arrests – they care very much about these crimes as a national issue of pride (source: SCARS|CHINA.)
However, the Chinese scammers operating throughout Asia (such as Bhutan, Cambodia, China, Hong Kong & Macau, South Korea, and elsewhere) especially target those of Chinese ethnicity, who have made up a good portion of the victims until now. But this is changing as the Africans, Latin Americans, Philippines, Russians & Eastern Europeans, are all getting in on this game!
Learn More About These Crimes:
- Sha Zhu Pan 殺主盤 Pig Butchering Romance/Investment Scams – Overview
- The Pig Butchering Scam – The New Romance & Investment Scam Combination Sweeping The World
- Pig-Butchering Scam / Sha Zhu Pan – Training Manuals
- 2022 Scam Update – A Podcast With Dr. Tim McGuinness And Debby Montgomery Johnson
- Reporting Chinese Scammers To China
- SCARS Explains Scams: Sha Zhu Pan 殺主盤 Pig Butchering Romance/Investment Scams [YouTube]
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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 Note About Labeling!
We often use the term ‘scam victim’ in our articles, but this is a convenience to help those searching for information in search engines like Google. It is just a convenience and has no deeper meaning. If you have come through such an experience, YOU are a Survivor! It was not your fault. You are not alone! Axios!
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.
Statement About Victim Blaming
Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and to not blame themselves, better develop recovery programs, and to help victims avoid scams in the future. At times this may sound like blaming the victim, but it does not blame scam victims, we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this article is intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here to go to our ScamsNOW.com website.
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