Several groups have warned the investing public about the pig butchering cryptocurrency scam. This type of fraud has reportedly become rampant at an alarming rate lately.
We want to help our readers know about the various cryptocurrency fraud types. We believe we can aid them in staying safe by sharing this report about the rising incidence of the pig butchering cryptocurrency scam today.
According to the update posted online by Bitcoin News, a 24/7 news feed covering virtual currency reports, the Federal Bureau of Investigation or FBI of the United States has provided the investing public with a notice regarding the pig butchering cryptocurrency scam.
Last April, this law enforcement agency detailed that this cryptocurrency fraud is labeled as such for the method scammers feed their victims with promises of wealth and romance before cutting the latter off and taking their hard-earned money.
The FBI added that a virtual currency swindler fraud ring typically runs the pig butchering cryptocurrency scam. These fraudsters mine social media platforms and dating applications for victims.
The FBI confirmed that the pig butchering cryptocurrency scam has become alarmingly widespread these days.
Moreover, Coinbase is another group that warned the investing public last week about the pig butchering cryptocurrency scam, which is also known as the Sha Zhu Pan investment fraud.
This Nasdaq-listed cryptocurrency exchange affirmed that it had recently witnessed a worrying surge in bogus cryptocurrency investment platforms.
These fraudsters source their victims via social media platforms and dating applications. Coinbase said they are encouraging their users to be vigilant versus the pig butchering cryptocurrency scam, which is a social engineering fraud type.
Shawn Bradstreet is a US Secret Service Special Agent. He remarked that the pig butchering cryptocurrency scheme involves the victims usually seeing a rise in their savings account on their smartphone’s screen and realizing how effortless it is to invest in the phony investment opportunity.
Bradstreet pointed out that these unwitting victims usually end up investing their whole life savings in a matter of days. He added that the counterfeit websites that fraudsters use appear legal.
Nevertheless, the funds they steal from their prey go straight to the criminals. Global Anti-Scam Organization is a Singapore-based non-profit establishment staffed 24 hours a day.
It aids the pig butchering cryptocurrency scam victims. Grace Yuen is Global Anti-Scam Organization’s United States-based representative.
She said their team had recently seen an influx of victims in the San Francisco Bay Area in California. Yuen confirmed that the pig butchering cryptocurrency scam has carried on getting more advanced.
She also mentioned that the swindlers make fraudulent investment platforms and impersonate legal virtual currency trading websites.
We advise our followers to be careful when investing their hard-earned investment money in cryptocurrency.
We hope they will be cautious and take note of the accounts and descriptions the FBI, Coinbase, and other relevant groups have made about the pig butchering cryptocurrency scam to keep themselves always safe in their investing journeys.