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Qwert Luiop
@qwertluiop
Beware of Pig-Butchering Crypto Scams Pig-butchering scams are an emerging form of crypto fraud that often begin on social media or dating apps. Scammers build fake relationships to gain your trust, eventually leading you to invest in fraudulent crypto platforms. Once you've poured in significant funds, they vanish, leaving you empty-handed. The name "pig-butchering" comes from how scammers "fatten" their victims by nurturing trust with small investments before pushing for larger sums. Originating in China, these scams have now spread globally, with Southeast Asia being a major hub. To Protect Yourself: - Be cautious when strangers online quickly bring up investments. - Always verify the legitimacy of investment platforms. - Never invest more than you're willing to lose, especially if pressured. In April 2023, the U.S. Department of Justice seized $112 million in crypto linked to pig-butchering scams, showing just how prevalent this threat is.
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Qwert Luiop
@qwertluiop
Real-World Examples of Pig-butchering Scams Pig-butchering scams are a sneaky form of crypto fraud, often initiated through social media or dating apps. Scammers "fatten up" victims by gaining their trust and encouraging larger investments, only to steal the funds later. - Bay Area Investor: A San Francisco man lost $1.2 million after being tricked into investing on a fake crypto platform by someone posing as an old colleague. - Former Bank CEO: Shan Hanes, ex-CEO of Heartland Tri-State Bank, allegedly stole $47.1 million from the bank for crypto investments, likely falling victim to a pig-butchering scam. - Liquidity Mining Scam (2023): A Chinese crime ring scammed nearly 100 people, with one victim losing $22,000 through fake crypto platforms and AI-generated messages. Warning Signs: 1. Rapidly forming online relationships. 2. Pressure to invest more money. 3. Promises of high, risk-free returns. 4. Difficulty withdrawing funds. Protect yourself by verifying identities and platforms and always be cau…
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