- A Maryland woman lost $3 million in a “pig butchering” crypto scam after some fraudsters from Southeast Asia tricked her into investing in their fake platform.
- The FBI warns that scammers often tell victims how to respond to law enforcement and urges people to do proper research and stop sending money if they suspect fraud.
A woman from Maryland lost $3 million in a crypto scam known as “pig butchering.” The fraudsters, who are from Southeast Asia, gained her trust after several weeks using a Korean messaging app before stealing her money. The FBI has warned that this type of fraud is becoming more popular in recent times.
Basically, pig butchering is a ‘long-term’ scam where the scammers try to gain the trust of the victim and get them to invest in a cryptocurrency project. Oftentimes, they gain the victims’ trust through online romance.
The scammer, who posed as an investor, convinced her to put money into what seemed like a profitable opportunity. To make the ordeal appear real, they first directed her to the legitimate Coinbase website before switching to fake platforms. The victim saw some supposed high returns from her initial investment and even withdrew a small amount, which made the scheme seem trustworthy.
Eventually, she invested more money, only to lose everything. She admitted that she ignored the warning signs and believed the scammer was genuine. Now, she intends to share her story to warn others, calling it the worst mistake of her life. The FBI warns that this type of fraud is becoming more common.
FBI Warns About Crypto Scams
Sarah Lewis, an agent from the FBI’s Baltimore office, identified the fraud through Operation Level Up, a program that is targeted towards cryptocurrency-related crimes. According to her, scammers are aware of this program, and they often prepare their victims by instructing them how to respond if they are questioned by authorities, making intervention difficult.
When Lewis first contacted the woman, she insisted she was not being deceived and even used phrases the scammers taught her. Many victims, especially elderly ones, struggle to accept the truth, and they continue sending money. The FBI urges people to research thoroughly and avoid further payments once they become suspicious.
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