Pig butchering, a term we usually hear in the meat market, sadly, has also become a lethal form of cybercrime that can cause complete financial losses for the victims.
Pig Butchering is a “form of investment fraud in the crypto space where scammers build relationships with targets through social engineering and then lure them to invest crypto in fake opportunities or platforms created by the scammer,” according to The Department of Financial Protection & Innovation.
Pig butchering has squeezed billions of dollars from victims globally. Cambodian-based Huione Group gang stole over $4 billion from August 2021 to January 2025, the New York Post reported.
How to stay safe from pig butchering?
Individuals should watch out for certain things to avoid getting caught in these extortion schemes. Scammers often target seniors and individuals who are not well aware about cybercrime. The National Council on Aging cautions that such scams begin with receiving messages from scammers pretending to be someone else. Never respond or send money to random people who text you online, even if the story sounds compelling. Scammers rely on earning your trust, a sob story is one easy way for them to trick you.
Another red flag is receiving SMS or social media texts that send you to other platforms like WeChat or Telegram, which have fewer regulations. Scammers also convince users to invest their money, which they claim to return with big profits. In one incident, the scammer even asked the victim to “go to a loan shark” to get the money.
Stopping scammers
Last year, Meta blocked over 2 million accounts that were promoting crypto investment scams such as pig butchering. Businesses have increased efforts to combat this issue, but the problem still very much exists. A major step is raising awareness via public posts broadcasting safety tips among individuals to prevent them from falling prey to such scams.
Organizations have now started releasing warnings in Instagram DMs and Facebook Messenger warning users about “potentially suspicious interactions or cold outreach from people you don’t know”, which is a good initiative. Banks have started tipping of customers about the dangers of scams when sending money online.
