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A woman from Maryland lost more than $3 million in a cryptocurrency scam known as “pig butchering,” a tactic that continues to target victims across the U.S. Scammers, often based in Southeast Asia, spend weeks or months building trust before convincing people to invest large sums of money into fake crypto platforms.
According to CBS News, the Maryland victim first connected with the scammer through a Korean messaging app. The scammer, a woman, gradually built a relationship and then began asking for money, claiming she would invest it in cryptocurrency on the victim’s behalf.
I put in over $3 million into this…
The scam appeared convincing. “I put in over $3 million into this, and it showed that I was making almost maybe like 80% profit,” the victim said. “When she got a lot more of my trust, more money would be poured in. Unless you know what you’re doing, you’re not going to be able to tell—especially if you’ve never done crypto before.”
The fraud, known as pig butchering, involves scammers grooming victims with friendly conversations and fake investment dashboards that appear to show steady gains. These schemes often allow early withdrawals to keep the victim engaged, only to lock them out once larger amounts are invested.
The FBI has been tracking these scams and warns that many victims are re-targeted after the initial loss. Scammers often return, pretending to be recovery companies that offer to retrieve lost crypto—for a fee.
FBI special agent Jeremy Capello explained, “They will have lost hundreds of thousands of dollars to this scam, and then they are contacted again by these same scammers pretending to be recovery companies, where they will tell the victim, ‘We can recover your cryptocurrency if you pay us a fee.’”
The agency urges people to be cautious when approached online about cryptocurrency investments, especially by strangers using messaging apps. Those new to crypto are more likely to fall victim if they do not verify platforms or investment claims.
Pig butchering scams have become increasingly organized, with many tied to criminal networks operating out of Southeast Asia. The FBI continues to advise victims to report any such activity and avoid sending additional funds to anyone promising recovery. The scams have expanded rapidly in 2024, with fraudsters adapting new tactics and using artificial intelligence to enhance their operations.