A new cryptocurrency fraud goes for tech-savvy people.
According to a San Francisco Examiner investigation, two tech-savvy people lost $2.5 million as a result of a sophisticated cryptocurrency scam. According to the research, these dishonest participants used a scam strategy known as “pig slaughtering.” Scammers typically contact their victims on dating websites or social media before engaging in a pig slaughtering scheme. Initial contacts are centred on developing a rapport and trust with the victim, which may take weeks or months.
The fraudster persuades his victim to transmit money to a wallet address or use a fake version of a legitimate cryptocurrency site to invest in cryptocurrency. One of the victims, Cy, who wished to remain anonymous, lost $1.2 million after two months of communication with the con artists. The story of R, who said the fraudster contacted her on LinkedIn and won her over with a professional profile and the fact that he was a graduate of the same tech university in China that she had graduated from, is perhaps even weirder. The discussion quickly transitioned to WhatsApp, where the con artist conned her for a month before persuading her to send money to a cryptocurrency website. $1,3 million was lost by her.
The prevalence of this kind of crime has been made public by the Federal Bureau of Investigation. It claimed to have received more than 4,300 complaints about pig slaughter and romance scams in 2021 when it issued a warning about them in April. Sift, a cybersecurity investigator found that 1 in every 20 persons she connected with on dating apps in the San Francisco area was implicated in the fraud, showing that the scammers have been picking out a certain demographic to prey upon.