MONEY DECODED

Pig Butchering Scam: The Friendly Stranger Who Teaches You to Trade

Pig butchering is a long-con investment scam. The name comes from the scammers themselves: they "fatten" the victim with trust for weeks before taking everything. It is one of the most costly crypto scams for ordinary people.

How it works

It often starts with a text sent to the "wrong number", or a match on a dating app or social media. The stranger is friendly, successful and patient. Over days or weeks you become friends. Then they casually mention how much they make trading crypto and offer to show you.

They guide you to a trading website or app that looks professional. Your first small deposit shows big profits, and you may even withdraw a little to prove it is real. Then you are encouraged to invest more. When you try to withdraw a large amount, you are told to pay a "tax", "fee" or "unlock deposit" first. The money, the platform and the friend disappear.

Red flags

• A stranger who contacted you first starts talking about investing.
• They refuse video calls or always have an excuse not to meet.
• The platform is one you had never heard of and they send you the link.
• Profits look too steady and too high.
• You must pay before you can withdraw.

What to do

• Never invest on a platform recommended by someone you only know online.
• Check whether the platform is registered with a financial regulator in your country.
• If you are asked to pay to withdraw, stop sending money: the balance you see is not real.
• Report it to your local police and, in the US, to the FBI's IC3 (ic3.gov).