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A pig butchering scam is a type of long-term scam and investment fraud in which the victim is gradually lured into making increasing contributions, usually in the form of cryptocurrency, to a fraudulent cryptocurrency scheme.[1] They are commonplace on social apps, where, in October 2023, twelve percent of Americans using said apps had been victims, up from five percent in 2018.[2] The scammer builds trust with the victim through online communication, subsequently persuading them to invest in a fraudulent cryptocurrency scheme. The "butchering" or "slaughtering" of the victim transpires when their assets or funds are stolen.[3]
Perpetrators are typically victims of a fraud factory,[4] lured from abroad under false pretenses and then forced to commit the fraud by organised crime gangs.[5] Many operations are run from areas of Myanmar which are outside central government control due to the ongoing civil war, with one important hub being the town of Myawaddy in Kayin State, near the border with Thailand. Many of the gangs running pig butchering scams, along with the people forced to commit the fraud, are ethnically Chinese.[6]
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^"District of Massachusetts | United States Files Forfeiture Action to Recover Cryptocurrency Traceable to Pig Butchering Romance Scam | United States Department of Justice". www.justice.gov. 2024-03-13. Retrieved 2024-04-28.
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the gangs running pigbutcheringscams, along with the people forced to commit the fraud, are ethnically Chinese. Pigbutcheringscams originated in 2020...
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cyber scams, human trafficking, online gambling, prostitution, and drugs. Cyber-crime committed within the vicinity of Myawaddy includes pigbutchering scams...
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