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New crypto scam targets tech savvy individuals New crypto scam targets tech savvy individuals

New crypto scam targets tech savvy individuals

The FBI has alerted the public to the prevalence of this “pig slaughtering” scam technique saying it received over 4,300 complaints about it in 2021.

New crypto scam targets tech savvy individuals

Cover art/illustration via CryptoSlate

A San Francisco Examiner report has revealed that two tech-savvy individuals were victims of an elaborate crypto scam that led to the loss of $2.5 million.

The report revealed that the scam technique used by these malicious players is known as ‘pig slaughtering.’

A pig slaughtering scam usually starts on dating platforms or social media, where the scammers get in touch with their victims. Initial interactions focus on building trust and a relationship with the victim, which could take weeks or months.

The scammer convinces his victim to invest in crypto, usually through a duplicate version of a real crypto platform or by convincing them to send funds to a wallet address.

One of the victims, who preferred to be identified as Cy, lost $1.2 million after two months of correspondence with the scammers. 

Perhaps even stranger is the case of R, who said the scammer approached her on LinkedIn and won her over with a professional profile and being an alumnus of the same tech university she graduated from in China.

The conversation soon moved to WhatsApp, where the scammer worked her for a month before convincing her to send funds to a crypto website. She lost $1.3 million. 

Speaking on her ordeal, she said:

I never thought it could happen to me because I use tech. I’ve written software.

The Federal Bureau of Investigation has alerted people to the prevalence of this type of crime. In April, it sent out a warning about romance scams and pig slaughtering, claiming it received over 4,300 complaints in 2021.

An investigator with cybersecurity company, Sift discovered that 1 in every 20 people she interacted with on dating apps in the San Francisco area was involved in the scam -an indication of how these scammers have been targeting a specific set of people.

Posted In: , Crime, Scams