Why scammers call their victims pigs before the slaughter

Discover the mechanics of the 'pig butchering' scam, a sophisticated scheme where criminals build long-term romantic or friendly rapport to manipulate victims into fraudulent cryptocurrency investments.

The scam typically begins with a seemingly accidental text message. Once a connection is made, scammers pose as wealthy strangers to lure targets into fake crypto trading opportunities. The name derives from the process of 'fattening up' victims with false intimacy before stealing their funds.

The scale of this crime is massive, with millions of dollars lost annually. The video explores how the use of cryptocurrencies like Tether facilitates these thefts and references findings from Zeke Faux's book, *Number Go Up*, which reveals that many individuals sending these messages are victims themselves. The impact can be devastating; for instance, a Kansas banker embezzled nearly $50 million as part of such a scheme, causing his bank to fail.

Source: The Pig Butchering Scam!