Hacker Lexicon: What Is a Pig Butchering Scam?
This type of devastating scheme ensnares victims and takes them for all they’re worth—and the threat is only growing.
by Lily Hay Newman, Wired.com, Jan 2, 2023
…A new variation of these schemes, known as “pig butchering,” is on the rise, ensnaring unsuspecting targets to steal all of their money and operating at a massive scale thanks in large part to forced labor…
These scams are typically cryptocurrency schemes, though they can involve other types of financial trading as well. …
After establishing a rapport, the attacker will introduce the idea that they have been making a lot of money in cryptocurrency investing and suggest the target consider getting involved while they can.
Next, the scammer gets the target set up with a malicious app or web platform that appears trustworthy and may even impersonate the platforms of legitimate financial institutions. Once inside the portal, victims can often see curated real-time market data meant to show the potential of the investment. And once the target funds their “investment account,” they can start watching their balance “grow.”…Once the victim has deposited all the money they have and everything the scammers can get them to borrow, the attackers shut down the account and disappear… [end quote]
Sending false reports of growth is typical of Ponzi schemes, the Madoff scam, etc. Crypto is just the latest. Greed is the lure. The losses can be devastating.
Wendy