Through its social media account on the X platform, the Federal Bureau of Investigation (FBI) has released yet another warning regarding cryptocurrencies.
This time, it has issued a warning against “pig butchering” schemes that target cryptocurrencies, which have turned out to be the most common frauds.
Scams using “pig butchering” usually entail fabricating an online persona via the use of either stolen or artificial intelligence-generated images. Usually, fraudsters search famous social networking sites, dating apps, and other places for possible victims.
Typically, con artists search for victims who could fall into their trap for weeks or even months. Then, in order to develop trust and reach a particular degree of closeness, they must employ a variety of strategies. They may rely on romanticism, flattery, empathy, and other techniques.
Then, during chats, scammers begin to promote different investment options. It is common for victims to be requested to download dubious investing applications and provide their initial deposit. Naturally, their ultimate objective is to extract as much money as possible from the victim. Their last act generally involves disappearing completely. Since some con artists can also attack the victim’s relatives, they might not stop there.
It is recommended that victims of big-butchering schemes disclose their experiences to the FBI. It is essential that victims disclose any correspondence they had with the con artist as well as the specifics of any illicit money transactions.
Naturally, potential victims are cautioned against following the counsel of strangers they meet online while making financial decisions.
