It’s a crude label, but it shows just how ruthlessly scammers view the people they target.
On Wednesday, June 18, the U.S. Attorney’s Office announced the seizure of $225 million in cryptocurrency tied to pig butchering scams. According to CNBC, the funds—taken from 400 victims around the world—mark the largest seizure of its kind to date.
Pig butchering scams are a widespread form of online fraud where cybercriminals build trust with their targets before luring them into phony crypto investment schemes. It’s a ruthless and manipulative con—deceptively friendly at first, but ultimately designed to drain victims of everything they’ve got.
These schemes often incorporate elements found in other types of fraud we’ve covered at Mashable, such as tech support scams and romance scams. In a typical pig butchering scenario, cybercriminals don’t just strike quickly—they play the long game. They spend days, weeks, or even months cultivating a relationship with the victim, often posing as friendly strangers, love interests, or financial mentors. It’s a methodical process, mirroring how a farmer fattens a pig before slaughter—hence the crude name.
Once trust is firmly established, scammers gradually introduce what seems like a lucrative investment opportunity, usually involving cryptocurrency or foreign exchange trading. These platforms often look legitimate, complete with convincing dashboards and “profits” that appear to grow over time. Victims are encouraged to invest more and more, lured by fake gains and urgency-inducing tactics. But when the money is finally transferred to accounts controlled by the scammers, it vanishes—along with the fraudsters themselves.
Worse still, if the criminals manage to access your banking or personal information during this process, they may empty your accounts completely or even commit identity theft. In some cases, victims are re-targeted by the same networks posing as “recovery agents” offering to help retrieve lost funds—for yet another fee.
The emotional toll can be as devastating as the financial loss. Many victims are left feeling embarrassed, isolated, and unsure of where to turn. That’s why cybersecurity experts urge internet users to be wary of unsolicited messages, too-good-to-be-true investments, and any online relationship that quickly escalates to money talk.
How Do Pig Butchering Scams Work?
Pig butchering scams are elaborate confidence tricks that use a variety of tactics to target vulnerable individuals—often older Americans or lonely people who spend significant time online. The scammers frequently pretend to be attractive men or women. If a victim is going through a divorce, the scammer may share a fabricated story of their own painful divorce to build rapport. Common personas include American servicemembers or offshore oil rig workers. These criminals send fake photos and affectionate messages, leading victims to believe they have formed a genuine friendship or even a deep romantic connection.
Over time, the scammer persuades the victim to invest money in a cryptocurrency scheme or other bogus investment. To make the opportunity appear legitimate, they often provide fake “proof” such as doctored bank statements. Victims may be invited to use an app or platform that shows impressive monetary gains, which can look very realistic. However, there’s a catch—while you can deposit money into the platform, you’ll never be able to withdraw any funds.
Often, victims are 100 percent convinced they’re dealing with a trusted friend, or even that their life may be in danger if they don’t continue to send funds. That’s what makes these scams so insidious.
Who is responsible for pig butchering scams?
Scams like these now operate on an industrial scale, with entire scam compounds established in countries such as India, the Philippines, and Myanmar. These operations are often linked to international cartels, criminal organizations, and militias.
Mashable has previously reported on sanctions imposed on Myanmar warlord Saw Chit Thu, whom U.S. officials have connected to cyberfraud and human trafficking networks. According to the U.S. Treasury Department, Saw Chit Thu and his militia, the Karen National Army, managed multibillion-dollar scam centers built on forced labor. At these facilities, groups of cybercriminals target Americans through phone calls, texts, emails, social media, and dating apps.
This is why it’s crucial to remain cautious when receiving unsolicited calls, emails, texts, or direct messages from unknown sources.
As we’ve also reported, scam texts sent to the wrong number are often a deliberate test. If the recipient replies, scammers see it as a sign they could be vulnerable to future attacks.
Pig butchering scams evolve over time
Scammers are constantly adapting, modifying their methods as victims become more aware of their tactics. In 2023, we reported on a woman who lost $450,000 in a pig butchering romance scam, and despite growing awareness, these crimes continue to occur at an alarming rate two years later. Read more here.
The rise of generative AI technologies further increases the risk of pig butchering scams. It has become surprisingly easy to create realistic videos and audio. That charming stranger sending you selfies or video messages might actually be a criminal using AI to build your trust.
To protect yourself from pig butchering scams, watch for these warning signs:
- Scammers often try to move conversations from email or phone to encrypted messaging apps like WhatsApp or Signal.
- Be cautious of investment opportunities that come with tight deadlines or pressure to act quickly—these create a false sense of urgency.
- Avoid sending money through Bitcoin or other cryptocurrencies, especially if requested by someone you only know online.
- Don’t take strangers at their word about who they are—always verify their identity.
- Instead of the usual “trust, but verify,” adopt a stricter mindset: “don’t trust and always verify.”
- Never buy crypto assets on behalf of someone you’ve only met online.
- Avoid downloading files or clicking on links from unknown contacts or strangers.
- Be suspicious of overly flattering messages or emotional stories involving sick children or personal tragedies.
- Watch out for people who avoid live video calls or refuse to meet in person.