Beware the Pig Butchering Crypto Scam That Has Been Sweeping Across America
If you are a member of the public who has been looking into investing in crypto currencies or are interested in learning more about them, you have probably heard a lot about the pig butchering scam that has been sweeping across America. The scam involves a group of people claiming to be professional investors who are allegedly using the internet to get victims to invest in the crypto currency.
Although the details of the scam are unclear, the victims claim to have been tricked into buying millions of dollars worth of virtual coins that never existed. Divya Gadasalli was one such victim. Here are some important steps you can take to protect yourself from being a victim of this fraudulent scheme.
Divya Gadasalli was a victim of a pig butchering crypto scam
Pig butchering, also known as “sha zhu pan,” is a financial con involving convincing victims to invest in crypto trading platforms. The scheme involves fake websites and apps, social engineering, and bogus crypto exchanges.
It is an increasingly popular form of scam, which has been spotted in Southeast Asia, Cambodia, and Laos. In fact, the Global Anti-Scam Organisation has warned of its increasing prevalence.
Divya Gadasalli was a victim of this scam. She was lured by a mysterious young man claiming to be an expert in cryptocurrency trading. He contacted her on a dating app, Tinder. They began chatting about the currency and he told her he could help her get started with a crypto business. Eventually, he convinced her to send her father’s $8 million inheritance to his trading partners.
However, a month later, the young man was nowhere to be found. Divya’s mother called to report the suspicious activity. This was followed by an alert from the Federal Bureau of Investigation. Divya eventually discovered that she had lost over eight million dollars to the bogus investment platform.
Divya’s story shows the sophistication of this plot. As a result, she may hold the record for losing the most to a romance scam.
Red flags of a pig butchering crypto scam
If you’re looking for a safe way to invest, you might want to consider a new, relatively unknown type of scam called “pig butchering.” It involves luring victims with the promise of wealth. The con artists manipulate their target into investing in fake crypto trading platforms.
Pig butchering scams typically begin with small investments. But, if a scammer has your attention, you’re not likely to notice that the money isn’t going anywhere. A good way to check is to watch out for signs that the person you’re communicating with is emotionally manipulative.
Scammers may contact you through social media or a messaging application. They could even pretend to be your friend or a romantic interest. In some cases, they’ll offer you advice about how to invest in cryptocurrency.
These people are trained to manipulate their targets. They’ll convince you to invest in a phony app or platform, and encourage you to transfer your funds to the scammer’s account. You may even be able to get access to your bank accounts through the scammers’ fraudulent platform.
One victim, Divya Gadasalli, lost $8 million to the pig butchering scam. She met Jerry on Tinder and fell for his charm. Before she knew it, she was sending multiple six-figure sums to his investment platform. Eventually, she learned that her money was gone.
How to report a cryptocurrency scam
There’s no doubt that crypto-currencies are the next big thing, but what about scam artists? Fortunately, there’s a service dedicated to keeping your money safe and your ego intact. With a bit of sleuthing, you can easily keep your crypto-currencies in tip-top shape. This is all thanks to Scams Prevention and Victim Support, an organization that’s been around for nearly 10 years and consists of an unaffiliated team of certified professionals.
The organisation offers a myriad of free services to help you avoid the bad guys. And while you’re at it, why not take advantage of their free energy and home security consultations? You’ll be glad you did. So what are you waiting for? Just sign up today. Afterwards, grab a free drink from the baristas!