ZoneBitcoin EditorialThere are many scams in the cutthroat world of cryptocurrencies. Scammers are very good at inventing new methods to scam users. Some are more formidable than others.
These days, the media is warning of a new attack called "Pig Butchering" or pork butchery, in a simple French translation.
It all starts with a simple, harmless flirtation on social networks….
What is Pig Butchering 🐷?
The concept is to make people believe that the victim is really making money. The crook, in his patience, lets him fatten up for a while. Then, it's time for the butcher to appear and steal all the victim's capital.
If we call this scam Pig Butchering, it is to recall the idea that we will kill the pig once it is well fattened, in order to get more benefit from it. Thus, the process offattening of the victim can be long. This is a scam that can last a long time because the scammer is more patient here than in a Back Pull for example.
Between promises of love and money, Pig Butchering works wonderfully
This method is certainly more surreptitious than the others, but scam systems of this type have existed for years.
Be aware that the scammers who practice these scams are very present on social networks. This is how they find the ideal victims for their maneuvers. This can make you think of online fake romantic relationship scams...We can also think ofTinder scammer. (If you haven't seen the documentary on Netflix, go do so).
In the case of Pig Butchering, it's a bit like the Tinder scammer, cryptocurrency version. It is reported that scammers pretend to be attractive people on social networks. The idea is first to create "romantic" relationships online. They will then flirt with people on Twitter, for example, or on other forums. This avoids having the slightest suspicion because the stranger contacts you for something other than money. The first conversations then focus on generalities at first. Then, after a few exchanges, the scammer comes to talk about investment and cryptocurrencies.
This is where the actual scam begins.
The temptation of high-yield crypto investment
The scammer who pretends to be an attractive person sends photos with a luxury lifestyle. She explains to the victim that her wealth is the result of successful investment in cryptocurrencies.
This is how the link with a professional investor is highlighted.
There, victims are sent to a professional trader who will place and trade their capital for them. During the first weeks, victims can withdraw their funds and winnings. They are then convinced that it really works. Some even involve other loved ones in this scheme without knowing that it is a scam.
The victims are at this stage lulled by the idea of having found love and an opportunity to get rich easily. Indeed, the scam is all the more effective as the scammer continues to seduce his victim.
Editor's Note: It would seem more appropriate then to call this the "Pig Bitchering" scam...
Thus, the victim is in perfect confidence and convinced of having hit the jackpot.
Then a few weeks and months pass with gains recorded. When the victim wants to deposit a larger sum. There, suddenly, the trader disappears with the sum….
A real butchery for certain individuals who have invested all their savings…
How to avoid scams?
To avoid scams, the first thing to do is to stay "realistic". People or traders who have the means and who earn their living do not need to do online canvassing.
Besides, all the people who sell you things on the internet, as the saying goes, "if it's free, you're the product"...
Don't trust anyone. Don't listen to the siren camp, especially if you are promised excessive returns. Never send money to strangers, even if they have many subscribers. Remember that subscribers can be bought.
Rome wasn't built in a day and neither was your fortune. Take your time. Learn from blogs, from serious popularizers, read and train yourself.
This is the only way to truly enrich yourself, with peace of mind.
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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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[…] attractive on the networks to attract victims into a bogus investment. (See “Be careful of the new “Pig Butchering” scam). There are also videos circulating with enticing titles like “How […]
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