More and more Americans are losing thousands of dollars to scams that take fraudsters weeks or months to pull off.
“Pig-killing” scams get their name because scammers use flattery and false relationships to “fat” their victims. This strategy has amassed billions of dollars in stolen funds, especially in the form of cryptocurrency.
FBI data shows that investment fraud losses surged 38% in 2023, reaching a record high Internet Crime Report. Of the $4.57 billion reported stolen, $3.96 billion involved fraudulent cryptocurrency investments.
“I met my scammer through a dating app called Bumble, where he spent about six weeks courting me,” said pig-slaughter victim Carina, who asked for just Reveal your name.
She met a scammer on the dating app Bumble, And she previously revealed Her scammers claim to live a lavish lifestyle and invest heavily in cryptocurrencies. After months of exchanging information, the scammers convinced her to deposit a total of $152,000 on a website designed to mimic the legitimate cryptocurrency exchange Kraken.
Karina eventually traced her funds to an exchange in Thailand. She handed the details to law enforcement, but the stolen funds have not been recovered.
Pig-slaughter scams are often carried out in Southeast Asia using forced labor, according to an agency. Report from the United Nations. Although blockchain companies like Chainaanalysis have traced millions of stolen cryptocurrencies, the cross-jurisdictional footprint of these cases creates obstacles for law enforcement to seize the stolen funds.
Watch the video above to learn more about how cryptocurrency scammers are convincing Americans to part with their life savings, and how law enforcement is fighting back.
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