‘Pig Butchering' Scams: What They Are and How to Avoid Them

"Pig butchering schemes often start with solicitations of modest investments intended to bolster your confidence. They usually involve some type of fake claim or falsified dashboard that shows assets exponentially growing, with the intent being to encourage larger and larger investments."

Victims are scammed out of their money, and sometimes are re-victimized by scammers who pretend to be legitimate agencies or regulatory entities and the victim loses more money. Across the world, victims lose billions of dollars, their life savings and in some instances, have committed suicide. There's a disparity across countries in training and knowledge regarding tracing crypto involved in fraud and who has jurisdiction. The US is behind in regulatory protocols and are still deciding if the SEC or the CFTC will be the regulatory entity for crypt currencies. Read about how to spot and prevent these scams HERE.