Topic: Beware of Pig Butchering Scam! (Read 285 times)
This reminds me of a so called company here in my country where you invest some money and you will be able to earn so called "profit" to make people believe that it is a legit company but the next time you spend money to invest again then that's when they scam your money or they let another "profit" before they do it. My brother and sister fell for it luckily both my brother and sister did not invest lots of money because from the start they have a feeling that it is a ponzi scheme type of scam investment.
It involves tricking individuals into sending their cryptocurrencies to scammers who promise high returns or investments with guaranteed profits. The name "pig butchering" comes from an analogy scammers use to convince victims to participate. They claim that just like a butcher would divide a pig into different parts, they can divide and multiply the cryptocurrencies sent to them, promising significant returns in a short period.
How it is done?
This scam operates on a classic Ponzi scheme principle, where early investors may receive returns to create a false sense of legitimacy. These returns are typically funded by the investments of subsequent victims, creating a cycle of deception. Scammers often use tactics to lure people into the scheme, such as social media promotions, online forums, or personal recommendations. They may present themselves as experienced traders or cryptocurrency experts, leveraging persuasive techniques to build trust. Once victims send their cryptocurrencies to the scammers' wallets, they quickly realize that the promised returns are nothing but empty promises. In most cases, the scammers disappear with the funds, leaving victims with significant financial losses.
It is specified in the article that the scammer works by trying to establish an emotional connection with the victim, posing as a 'lover' or 'friend.' Over time, the scammer will attempt to convince the victim to invest in a platform they control (although this may vary), promising returns to strengthen trust and potentially encouraging the victim to invest more. Eventually, the scammer will steal the funds and provide multiple excuses.
The term was new to me; however, the concept of the scam is familiar is familiar to me as I recently watched local videos about it.
This is what I was looking for because something was missing in OP and it looked just like HYIP ponzi scheme.
But you mentioned makes sense now since there are people on Telegram who keep doing this.
I have myself encountered people posing as a friend and few girls who talk very nicely at beginning and then tries to convince us to invest in their platforms.
Obviously I was aware of not investing in HYIP and so I didn't fall for any of them but I wonder how many others would have easily fell for this.
This is just another hyip but they just used that pig butchering business as their front to make people believe that there's running business backed up with their programs.
But in reality if we calculate all things on that program its really hard for their business to cope up all the payouts if they rely on that solely and for sure the same with other schemes the money they used for payouts came from the money of new investors. So investors need to know that there's no good on this scheme and in future if they see similar since for sure this scammers will create new schemes better they should avoid it and never became a scam victim again.
The "pig butchering scam" is a type of cryptocurrency scam that has recently gained popularity.
It involves tricking individuals into sending their cryptocurrencies to scammers who promise high returns or investments with guaranteed profits. The name "pig butchering" comes from an analogy scammers use to convince victims to participate. They claim that just like a butcher would divide a pig into different parts, they can divide and multiply the cryptocurrencies sent to them, promising significant returns in a short period.
How it is done?
This scam operates on a classic Ponzi scheme principle, where early investors may receive returns to create a false sense of legitimacy. These returns are typically funded by the investments of subsequent victims, creating a cycle of deception. Scammers often use tactics to lure people into the scheme, such as social media promotions, online forums, or personal recommendations. They may present themselves as experienced traders or cryptocurrency experts, leveraging persuasive techniques to build trust. Once victims send their cryptocurrencies to the scammers' wallets, they quickly realize that the promised returns are nothing but empty promises. In most cases, the scammers disappear with the funds, leaving victims with significant financial losses.
How to protect yourself from this scam?
To protect yourself from falling victim to a pig butchering scam or any other cryptocurrency scam, it is crucial to exercise caution and follow best practices. These include conducting thorough research on any investment opportunity, verifying the legitimacy of individuals or platforms involved, and never sending your cryptocurrencies to unknown or untrusted entities.
By staying vigilant, practicing good security measures, and relying on reputable sources for information, you can help safeguard your investments and reduce the risk of becoming a victim of such scams.
Thank you OP for the information,It involves tricking individuals into sending their cryptocurrencies to scammers who promise high returns or investments with guaranteed profits. The name "pig butchering" comes from an analogy scammers use to convince victims to participate. They claim that just like a butcher would divide a pig into different parts, they can divide and multiply the cryptocurrencies sent to them, promising significant returns in a short period.
How it is done?
This scam operates on a classic Ponzi scheme principle, where early investors may receive returns to create a false sense of legitimacy. These returns are typically funded by the investments of subsequent victims, creating a cycle of deception. Scammers often use tactics to lure people into the scheme, such as social media promotions, online forums, or personal recommendations. They may present themselves as experienced traders or cryptocurrency experts, leveraging persuasive techniques to build trust. Once victims send their cryptocurrencies to the scammers' wallets, they quickly realize that the promised returns are nothing but empty promises. In most cases, the scammers disappear with the funds, leaving victims with significant financial losses.
How to protect yourself from this scam?
To protect yourself from falling victim to a pig butchering scam or any other cryptocurrency scam, it is crucial to exercise caution and follow best practices. These include conducting thorough research on any investment opportunity, verifying the legitimacy of individuals or platforms involved, and never sending your cryptocurrencies to unknown or untrusted entities.
By staying vigilant, practicing good security measures, and relying on reputable sources for information, you can help safeguard your investments and reduce the risk of becoming a victim of such scams.
Just want to add to the post this is just like around 2017 or 2018 where there are projects that you need to be first to buy a token, from the start the tokens has value since there is lots of hype in youtube, and facebook, your token has high value, then they will add a feature called staking, during the stage your first 1-2 weeks are profitable, then they will lure you to a bigger investment, since you gain a lot you will invest bigger amount , and that's the time they will lock and get your money since you stake your money you have to wait for like 15 days when time comes your investment price already is down to a dollar or worse zero.
if the promise profit or gain is too good to be true, then its already a red flag.
It involves tricking individuals into sending their cryptocurrencies to scammers who promise high returns or investments with guaranteed profits. The name "pig butchering" comes from an analogy scammers use to convince victims to participate. They claim that just like a butcher would divide a pig into different parts, they can divide and multiply the cryptocurrencies sent to them, promising significant returns in a short period.
How it is done?
This scam operates on a classic Ponzi scheme principle, where early investors may receive returns to create a false sense of legitimacy. These returns are typically funded by the investments of subsequent victims, creating a cycle of deception. Scammers often use tactics to lure people into the scheme, such as social media promotions, online forums, or personal recommendations. They may present themselves as experienced traders or cryptocurrency experts, leveraging persuasive techniques to build trust. Once victims send their cryptocurrencies to the scammers' wallets, they quickly realize that the promised returns are nothing but empty promises. In most cases, the scammers disappear with the funds, leaving victims with significant financial losses.
It is specified in the article that the scammer works by trying to establish an emotional connection with the victim, posing as a 'lover' or 'friend.' Over time, the scammer will attempt to convince the victim to invest in a platform they control (although this may vary), promising returns to strengthen trust and potentially encouraging the victim to invest more. Eventually, the scammer will steal the funds and provide multiple excuses.
The term was new to me; however, the concept of the scam is familiar is familiar to me as I recently watched local videos about it.
This is what I was looking for because something was missing in OP and it looked just like HYIP ponzi scheme.
But you mentioned makes sense now since there are people on Telegram who keep doing this.
I have myself encountered people posing as a friend and few girls who talk very nicely at beginning and then tries to convince us to invest in their platforms.
Obviously I was aware of not investing in HYIP and so I didn't fall for any of them but I wonder how many others would have easily fell for this.
By staying vigilant, practicing good security measures, and relying on reputable sources for information, you can help safeguard your investments and reduce the risk of becoming a victim of such scams.
Recently they are co.inf with dating or hook up. If a man is not smart he will just fall for victim. These scam is happining mostly in the social media so if you are not be careful then you have yourself to be blame. Don't give them attention when they chat you up. And another one they normally do again is the sending of the referral link please don't click it. They targeted audience right now the uses of the social media. They are bringing new method to scam victims everytime.
All right. All fraudulent activity very often gains the trust of the victim. That is why it is very dangerous to leave your data, photos, or stories about what happened to you on the Internet. Fraudsters ingratiate themselves under different guises. If a person is lonely, then he will hear the response of a scammer lover; if he is looking for a job, then a scammer's employer or a psychologist is waiting for him, who supposedly will help him become morally stronger and open his own business.
The Internet has long turned into a place where scammers swim like fish, but as long as they manage to catch naive people, such schemes have existed and will continue to exist.
~
only bitcoin is a guaranteed investment it won't cheat, be aware of that.
only bitcoin is a guaranteed investment it won't cheat, be aware of that.
It is not accurate to say that only Bitcoin is a guaranteed investment that won't cheat, as all investments carry inherent risks, Bitcoin is indeed the most established and widely recognized cryptocurrency. This means that you can be somewhat sure that Bitcoin will continue to be relevant in the near future, as well.
However, the statement that Bitcoin is a guaranteed investment is a bit misleading, because there is no guarantee that the price of Bitcoin cannot crash. The value of Bitcoin can still fluctuate wildly due to various factors. For example, if governments around the world decided to ban Bitcoin and other cryptocurrencies, then it would have a severe impact on the price. Likewise, if there was some sort of major hack that compromised the security of a cryptocurrency, this too could cause the price to drop significantly. There are no guarantees in investing.
These Ponzi scheme tricks as exposed by the OP are not exactly new except for the word they have recently coined it into as "big butcher scam", nevertheless there may be a few persons out there that may not be aware of such scam tactics and how advanced they have now programmed it to easily deceive the gullible and scam them of their funds.
A similar scheme they now use is by sending either a text message or email with a link that has some cryptocurrency related data that claiming to hold good amount of crypto asset in them and you are expected to be guessing the password and username to have access ito those funds. And if you're stupid enough to use your actual password and username to try it thinking it may work, you are only giving them a leak to your security details through wish they would use to clear your account.
I don't know the kind of tech they use in doing that but it's like a kind of malware phishing through the link they send you they are able to see any keyword you key into those open spots. Let's be careful and take the security of our assets seriously than ever cause these scammers ain't resting at all.
A similar scheme they now use is by sending either a text message or email with a link that has some cryptocurrency related data that claiming to hold good amount of crypto asset in them and you are expected to be guessing the password and username to have access ito those funds. And if you're stupid enough to use your actual password and username to try it thinking it may work, you are only giving them a leak to your security details through wish they would use to clear your account.
I don't know the kind of tech they use in doing that but it's like a kind of malware phishing through the link they send you they are able to see any keyword you key into those open spots. Let's be careful and take the security of our assets seriously than ever cause these scammers ain't resting at all.
snip
How to protect yourself from this scam?
To protect yourself from falling victim to a pig butchering scam or any other cryptocurrency scam, it is crucial to exercise caution and follow best practices. These include conducting thorough research on any investment opportunity, verifying the legitimacy of individuals or platforms involved, and never sending your cryptocurrencies to unknown or untrusted entities.
By staying vigilant, practicing good security measures, and relying on reputable sources for information, you can help safeguard your investments and reduce the risk of becoming a victim of such scams.
to this day this type of scam (pig butchering scam) is one of the most that befell novice investors in cryptocurrencies (examples are DeFi projects, NFTs or memecoin) they use a nifty trick to get their prey by giving the victim their trust and also expectations that seem real but when the victim is deceived they will immediately slaughter the victim and just run away. never believe the marketing words "the next bitcoin, ethereum or dogecoin" because it will never exist, only bitcoin is a guaranteed investment it won't cheat, be aware of that. How to protect yourself from this scam?
To protect yourself from falling victim to a pig butchering scam or any other cryptocurrency scam, it is crucial to exercise caution and follow best practices. These include conducting thorough research on any investment opportunity, verifying the legitimacy of individuals or platforms involved, and never sending your cryptocurrencies to unknown or untrusted entities.
By staying vigilant, practicing good security measures, and relying on reputable sources for information, you can help safeguard your investments and reduce the risk of becoming a victim of such scams.
By staying vigilant, practicing good security measures, and relying on reputable sources for information, you can help safeguard your investments and reduce the risk of becoming a victim of such scams.
Recently they are co.inf with dating or hook up. If a man is not smart he will just fall for victim. These scam is happining mostly in the social media so if you are not be careful then you have yourself to be blame. Don't give them attention when they chat you up. And another one they normally do again is the sending of the referral link please don't click it. They targeted audience right now the uses of the social media. They are bringing new method to scam victims everytime.
This brings back the memory of an organisation that trended for a couple of months in my country claiming that they; once you deposit some money which tehy will use for some investments for you and after some weeks you'll receive your money plus a certain percentage from the profit, at first alot of people where skeptical but soon changed their mind after seeing other successfully recieving the profits from the company. It got to a time when so many invested large amount of money since that would resultin them receiving higher profits but unfortonately for them they never heard from the company ever again. There were cases of suicide at that time.
Another case I have seen in this forum that is mostly likely a pig butcher scam is this thread. This one took place at Instagram according to the victim and it's interstign to read. I'm also sure a lot of people still fall for such a scam.
There are a lot of similar cases which myself have even fell victim in one of the scam similar to this particular one in this thread. And a recent trend about another scam technique like this also happened few months back and it was posted even in my local board. Another case I have seen in this forum that is mostly likely a pig butcher scam is this thread. This one took place at Instagram according to the victim and it's interstign to read. I'm also sure a lot of people still fall for such a scam.
The first one I fell for was called #stepswork and it trended all over in my country where the victims including myself were deceived about an investment on the platform that will build daily income for you by performing minor task which seem too good to be true at first but people all over started sharing testimony of how they actually withdrawed their funds and it motivated more people to involved in it but some fews after the whole site went A WALL and no one could access it anymore because maybe the percentage of client that have invested has beaten or reached the target of the scammers.
How it is done?
This scam operates on a classic Ponzi scheme principle, where early investors may receive returns to create a false sense of legitimacy. These returns are typically funded by the investments of subsequent victims, creating a cycle of deception. Scammers often use tactics to lure people into the scheme, such as social media promotions, online forums, or personal recommendations. They may present themselves as experienced traders or cryptocurrency experts, leveraging persuasive techniques to build trust. Once victims send their cryptocurrencies to the scammers' wallets, they quickly realize that the promised returns are nothing but empty promises. In most cases, the scammers disappear with the funds, leaving victims with significant financial losses.
It has taken a lot not to have fallen victim to these kind of people during the time that my interest in cryptocurrency just started. There are some people on Instagram that I always see posting testimonials of people that had trusted them with their money to trade crypto for them and the results they have been getting which are mostly positive. They claimed to be using robots to trade so they barely make mistakes and they mostly profit. They make daily post everyday seeking new people to join them and trust them. I have almost started trusting this people, and was planning to send them a message on how I could get started, every time I think back to it, I am glad that I did not and quick came to my senses. I was able to avoid mistakes because I did not make a decision once to send them a message and begin, but I waited to think about it again. This scam operates on a classic Ponzi scheme principle, where early investors may receive returns to create a false sense of legitimacy. These returns are typically funded by the investments of subsequent victims, creating a cycle of deception. Scammers often use tactics to lure people into the scheme, such as social media promotions, online forums, or personal recommendations. They may present themselves as experienced traders or cryptocurrency experts, leveraging persuasive techniques to build trust. Once victims send their cryptocurrencies to the scammers' wallets, they quickly realize that the promised returns are nothing but empty promises. In most cases, the scammers disappear with the funds, leaving victims with significant financial losses.
It is specified in the article that the scammer works by trying to establish an emotional connection with the victim, posing as a 'lover' or 'friend.' Over time, the scammer will attempt to convince the victim to invest in a platform they control (although this may vary), promising returns to strengthen trust and potentially encouraging the victim to invest more. Eventually, the scammer will steal the funds and provide multiple excuses.
That't the first thing I've thought when I read the article. It seems that some kind of LOVE is involved in this kind of schemes, which could be fraternal love when the scammer gains your trust so that you believe he is your friend, or even Tinder for a love in a more traditional sense of the word.
These types of scams were already becoming common, with the novelty that now they take advantage of cryptos for better results.
I think whatever the name the scammers try to change it to, we know it to be a common Ponzi scheme strategy where the downliners lose all they have invested. Most times the first participants get some thing which will make them put more investment together with new comers who become downliner. The caution not to fall is always to believe that you are alone on the internet and the rest people are people you have not met and so you don't have to trust who you have not met. Treat yourself with a level of isolation and research before taking any risk.
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Most people get overwhelmed by the amount of profit they are going to make any time they see a scam platform. They get so overwhelmed and blinded by the profit alone that they do not think of the risk in which they may be involved. Just like some years ago when I wanted to buy one coin like that, I charted the seller up on Telegram and we discussed, and he showed me the coin he wanted to sell to me and asked me to make payment to him before he sent it to me. I disagreed with him, and he refused to send it unless I sent it first. At that point, I just decided to send it to him, but before I sent that USDT that day, I just took the decision that even if it's a scam, well, let him or her enjoy it. So I sent first, and the guy vanished.
Thanks for the heads-up at @pakhitheboss. At least I am wiser now not to fall into these kinds of scams, but at least I can pass on the information. There are are many newbies out there.
Cheers 🥂, Dr.Bitcoin_Strange 👺👺
Thanks for the heads-up at @pakhitheboss. At least I am wiser now not to fall into these kinds of scams, but at least I can pass on the information. There are are many newbies out there.
Cheers 🥂, Dr.Bitcoin_Strange 👺👺
The "pig butchering scam" is a type of cryptocurrency scam that has recently gained popularity.
From what you explained, there is absolutely nothing new about this scam technique and it looks to me like a classic ponzi scheme where old investors are paid with the money deposited by new investors and it goes on for a while, as long as there is constan influx of new investors. Worst of all is that more elaborated ponzi schemes with lower ROI can go on for years before people actually figure out what's going on. Unlike a Ponzi scheme, "pig butchering" involves first building relationships with the victim. This may be an attempt to introduce himself as an old friend or start a romantic or professional relationship. The scammer seeks to gain the trust of the victim, which he then uses in order to get money. And the options for luring are different: sometimes the victim receives worthless tokens, sometimes he gets an account on a dubious site, where there is only the appearance of investments, and sometimes he simply loses all his money right away. Talking about investments within the framework of other topics is simply trapping. Unlike the Ponzi scheme, "pig butchering" is luring not with promises of unreasonably high incomes, but with trust in the words of a scammer-interlocutor.
The "pig butchering scam" is a type of cryptocurrency scam that has recently gained popularity.
From what you explained, there is absolutely nothing new about this scam technique and it looks to me like a classic ponzi scheme where old investors are paid with the money deposited by new investors and it goes on for a while, as long as there is constan influx of new investors. Worst of all is that more elaborated ponzi schemes with lower ROI can go on for years before people actually figure out what's going on. 
Very familiar with this scamming way, it's like Ponzi scheme where the early investors fund are used to settle new comers and it keeps going on in the circle, this has been around for years, so I want to correct your point that this scheme is just recently gaining popularity, wait for many members reply, you will see that almost everyone knows about this trick, it's been around before I even know about Bitcoin.
You have my respect though, as the sentence of "pig butchering" fits this scamming way, it can last longer if the scammers wanted, most I have seen are short-lived, and they will create another platform from scratch.
You have my respect though, as the sentence of "pig butchering" fits this scamming way, it can last longer if the scammers wanted, most I have seen are short-lived, and they will create another platform from scratch.
This type of scam didn't just recently gain popularity, maybe the terminology ("Pig Butchering") did. For quite a long time people have been victims of this kind of scam, the difficult part of this scam is the stage of building trust with the potential victim, the trust is mostly in form of a relationship/friendship, i don't know if these victims are deprived of 'love' in real life, that they have to seek for it online.
Once they establish trust/love/confidence in their victim, it becomes so easy to scam them, mind you that they do not just scam the victim only once, but multiple times, after each episode they always have one more lie to follow it up and drag the victim further into their pit. Thus if the victim remembers how much they have already invested, they'll choose to continue paying to get the promised reward, rather than stopping now and lose all the money invested as well as the promised (fake) reward. The scam only stops once the victim realizes that they have been fooled all along.
Once they establish trust/love/confidence in their victim, it becomes so easy to scam them, mind you that they do not just scam the victim only once, but multiple times, after each episode they always have one more lie to follow it up and drag the victim further into their pit. Thus if the victim remembers how much they have already invested, they'll choose to continue paying to get the promised reward, rather than stopping now and lose all the money invested as well as the promised (fake) reward. The scam only stops once the victim realizes that they have been fooled all along.
I didn't know that's how it's called. But I think most of the old forum members here are aware of that scam and especially when it's like that they've been using Vitalik through those tweets and having that script of "send me this, I'll send you xx back".
While many newcomers gets in to the market without any background and knowledge, this will never get old so thank you for that reminder OP as many folks will see this thread and hopefully that they'll see it since there's the "scam" word on the title for which adds more interest on a thread especially those that are researching for something like this.
While many newcomers gets in to the market without any background and knowledge, this will never get old so thank you for that reminder OP as many folks will see this thread and hopefully that they'll see it since there's the "scam" word on the title for which adds more interest on a thread especially those that are researching for something like this.
I have to admit that this is the first time I've heard of this expression, so although it makes sense it sounds a bit strange and creepy, because it's associated with butcher's and sharp knives.
When I read the article posted by OP, I immediately remembered one case that still seems quite amazing to me today, it is about an Italian volleyball player who for 15 years believed that he was in a relationship with a Brazilian supermodel, and it cost him an incredible $800 000. I think that in the context of "pig butchering" he is the best example of a very well-fed pig, although I believe that there are quite a number of those who have had similar experiences, but are ashamed to admit it publicly.
Unfortunately, we increasingly see that people spend more time online without socialization as it once existed, and then in search of friends or partners they become victims of an increasing number of scammers who unfortunately make the most of it. I think that one of the ways to prevent this is to educate children in families, but also in elementary school because then they best acquire knowledge and could protect themselves from such threats.
When I read the article posted by OP, I immediately remembered one case that still seems quite amazing to me today, it is about an Italian volleyball player who for 15 years believed that he was in a relationship with a Brazilian supermodel, and it cost him an incredible $800 000. I think that in the context of "pig butchering" he is the best example of a very well-fed pig, although I believe that there are quite a number of those who have had similar experiences, but are ashamed to admit it publicly.
Unfortunately, we increasingly see that people spend more time online without socialization as it once existed, and then in search of friends or partners they become victims of an increasing number of scammers who unfortunately make the most of it. I think that one of the ways to prevent this is to educate children in families, but also in elementary school because then they best acquire knowledge and could protect themselves from such threats.
It is specified in the article that the scammer works by trying to establish an emotional connection with the victim, posing as a 'lover' or 'friend.' Over time, the scammer will attempt to convince the victim to invest in a platform they control (although this may vary), promising returns to strengthen trust and potentially encouraging the victim to invest more. Eventually, the scammer will steal the funds and provide multiple excuses.
That't the first thing I've thought when I read the article. It seems that some kind of LOVE is involved in this kind of schemes, which could be fraternal love when the scammer gains your trust so that you believe he is your friend, or even Tinder for a love in a more traditional sense of the word.
These types of scams were already becoming common, with the novelty that now they take advantage of cryptos for better results.
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