Topic: Beware of Pig Butchering Scam! - page 2. (Read 270 times)

Although it's a bit disturbing, the pig butchering scam name perfectly fits the scheme hence I do use the term more. A lot of people also refer to them as romance scam since they typically involve romance.

I wouldn't say the popularity is recent as I've been regularly seeing this kind of scam for years. I actually think it's the most popular crypto scam right now. There is an interesting blog from Cipherblade estimating billions have been lost, see: https://cipherblade.com/blog/the-prevalence-of-sha-zhu-pan-aka-pig-butchering-scams/

Also, get to paid work to keep yourself busy, or start a business or something. People without a stable income are the most likely to fall for investment scams.

There is no such thing as easy money, wherever it may be. Even things like making blog posts and Youtube videos take a significant amount of time, in making literally hundreds of them in some cases, before you finally start to break even and succeed.

Scams in society are always like this, using very basic trick to trap naive and greed people. Ponzi scheme is not new but many people from many generations, many decades fall into Ponzi and lost money. Some people heard about it many times but when they let greediness blurs their minds, they will be trapped by Ponzi operators.

They are tools to operate Ponzi and tools can be used differently by different Ponzi operators as well as it can be trendy tools. Scammers will move around from area to area like medicine, stocks, finance, agriculture, many areas and they can use different tools to fuel their scam. Cryptocurrencies are just latest tools for Ponzi scammers.

It's easy.

Control your greediness and focus on basics of money flow including inflow and outflow. It's the zero sum money game so money will move from people to people.

If they promise you very high profit, you must think where is your profit comes from. From the thin air, it's not realistic. From other people pockets, likely and if so, you must think next. What will happen if no new people join, inflow will be smaller or broken, the whole Ponzi scheme will collapse. Consequently, no outflow for you to even reclaim your initial capital.

I had to keep it small an simple. I embedded the link to the article just in case if anyone here would like to go into the details. My core idea was to familiarize everyone here with this scam.

Of course there is dating involved, friendship involved, sometime scammers offer jobs, sometime they offer themselves as investment consultant. There are many ways they are able to lure an innocent person to fall for thier scam. The situation is so bad that you won't even realize that you are getting scammed unless the scammer wants you to know about it.

There are many names and the meaning is the same. Do not trust anyone or a service that gives you high profits in a short time. They are scammers. Promoting these services does not only mean losing your money, but you may lose one of your friends because you will be the reason for his loss of money because you are the one who promoted those services. Money is not earned that easily, and if there is an individual who is able to double it easily and in a short period, why does he not take a loan and return the money quickly?

It seems that your thread somehow lacks some specific and vital details about the term "Pig Butchering Scam". Honestly this is my first time hearing that term, but I'm glad you embedded a link an article related to that scam.

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.

The more the scam is being reduced as people get aware of their old tactics they use to scam people, same also we keep having some people coming in new to scam others in new dimension and adopt new techniques we couldn't believe to be fake because it will look so real to be true, we are also expected not to be greedy, incontempted and so quick to making decisions or leaving our private information open on the social media or the internet at large.

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.

Although this type of scam look like old and easy to detect it is still possible that many would fall victim to it. Cryptocurrency is new and many people have heard stories of how people earn profits through it so this type of scam won’t stop now.

For me the best advice I will give people is stay away from anything or people that come straight to you on social media or physically promising you that if you invest in it, it will double. Nobody on the internet loves you that much to be pestering you to come and make profit. If it were legit you would have heard about it not the promotional team coming to convince you.

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.