Pig butchering is a term that describes a widespread online scam. It has cost people an estimated $75 billion globally. The name comes from the practice of fattening pigs before slaughtering them. Scammers employ this method by slowly luring victims into their traps.
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These criminals initiate contact with seemingly harmless “wrong number” text messages. If a victim responds, the scammer engages them in friendly conversation. This interaction can last weeks or even months. Eventually, the scammer introduces fake cryptocurrency investment opportunities. Unfortunately, once the victim sends money, the scammer vanishes.
John Griffin, a finance professor at the University of Texas at Austin, highlights the severity of the problem. “These are large criminal organized networks, and they’re operating largely unscathed,” he told Time. He and graduate student Kevin Mei studied the methods used by these scammers. They traced crypto flows and discovered techniques scammers use to hide their activities.
Victims
Shockingly, victims of pig butchering can also be trafficked individuals. Many are lured to Southeast Asia and forced to scam people online. This cycle of exploitation adds another layer of complexity to the issue.
To help individuals protect themselves, the financial security website Aura provides a list of warning signs. These include receiving “wrong number” texts, a sudden shift to cryptocurrency discussions, and being pressured to invest quickly. Other red flags are vague investment details, small returns, and claims of hefty tax bills.
Recognizing these signs is crucial in preventing financial loss. Awareness and education are key to combating this growing threat.