A massive bust in New York is making national headlines this month. Prosecutors in Brooklyn seized nearly two dozen web domains associated with a scheme known as"pig butchering."In short, it's when scammers strike up online conversations with unsuspecting victims, gain their trust, and then manipulate them into making bogus cryptocurrency investments.
Crypto is a hallmark of"pig-butchering" schemes, but they can incorporate other types of financial trading as well.AZ woman warns consumers after solar savings don't materialize Kirsten Johnson 5:00 PM, Apr 18, 2024 Let ABC15 Know Often a person claiming to be an investment manager contacts the target out of the blue with big promises to grow their money.In any scenario, the scammer builds rapport and trust with the target. Then they convince the person to invest. The scammer gets the target set up with a malicious app or web platform - some of these even impersonate legitimate financial institutions.
Victims have reported losing hundreds of thousands of dollars. In the New York case, the Brooklyn District Attorney's Office says victims were scammed out of at least $5 million.