New Cryptocurrency Scam
The FBI is investigating a cryptocurrency investment scam that security researchers have labeled “ Pig Butchering .”
WHAT IS PIG BUTCHERING ? Pig butchering — a scam named after the practice of farmers fattening hogs before slaughter — often starts with what appears to be a wrong-number text message . People who respond are lured into crypto investments . But the investments are fake , and once victims send enough funds , the scammers disappear . Earning the victim ’ s trust can often take several months , depending on the commitment of the criminal .
The recent statistics from IC3 . gov show that these types of crimes rose from $ 2.57 Billion in 2022 to $ 3.94 Billion in 2023 . It ’ s an awful scam where victims are losing thousands to millions of dollars and those doing the scams are being human trafficked and abused . Reminder : These are ONLY the scams that are reported , so it ’ s likely the volume and amounts are much higher .
UNKNOWN NUMBER TEXTS It is advised NOT to respond to text messages from an unknown number . They typically start out as an accidental text , “ Hi this is Anna , are you Sarah ?”. They may appear to have the wrong number , but they continue the conversation and ask more questions . The scammer will go back and forth , becoming more personable and getting to know their target . After they have earned enough trust , they will begin asking for money or to invest in cryptocurrency . They may go as far as to send pictures and videos claiming to be someone they are not . The best thing to do is to block and report the number .
DATING APPS Romance scams are nothing new . Please be aware on dating apps , if asked to move to another application such as WhatsApp , or if you are asked or pressured into investing in cryptocurrency - it is a scam .
HOW TO REPORT A SCAM If you believe you or someone you know may be a victim of a cryptocurrency scam ,
immediately submit a report to the FBI Internet Crime Complaint Center ( IC3 ) at www . ic3 . gov or contact your local FBI Field Office and provide as much transaction information as possible . Be wary of anyone claiming they can recover your funds as this may be another scam .
Provide any other information you may have about the scam , including :
• Where and how you first encountered the scammer .
• Your communications with the scammer ( for example , emails or texts ) and associated identifiers such as names , e-mail addresses , and phone numbers .
• What domain names , website addresses , or applications the scammer instructed you to use .
• Any two-factor authentication or “ one time passcode ” information .
• Which cryptocurrency exchanges you used to send or receive funds .
• The timeline of the scam .
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LakeTalk April 2024 37