Yes, you read that right. The slaughter of pigs in cryptos is becoming more and more popular. But what the hell is it?
The crypto world is known for its catchy names. Now a new one has been introduced: pig slaughter. In any case, it is a striking name, but the thought behind it is not positive. US authorities are warning that pig-slaughter crypto scams are becoming alarmingly popular.
Pigs and cryptos
US authorities have warned of the rising popularity of crypto scams known as “pig slaughter.” It Federal Bureau of Investigation (FBI) explained: “The fraud is named for the way scammers feed their victims promises of romance and wealth before taking all their money.”
Lakewood Police Public Information Officer John Romero has this to say. The term pig slaughter actually comes from a farmer who fattens the pig before slaughtering it. And in this case, it’s the suspect who fattens their victim. The police officer explained that the pig slaughter usually starts on social media or dating sites such as Linkedin and Tinder, where the scammer finds the victim and convinces them to hand over some money. The scammer then puts the money in a crypto account that appears to be growing in value. This makes the victim think: it works, I’m getting rich! After that, he or she will deposit even more money. The scammer then disappears with a large portion of the victim’s cryptocurrency.
looks real
According to one victim, he was initially able to make a few withdrawals from his crypto account without any problems. Everything looked legit until he received a message stating that he had to pay more than $200,000 in deposits to access his account. So a scam and so many people have lost significant amounts of money. So don’t fall for it.
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