Pig Butchering Crypto Scam via WhatsApp & Telegram

This latest crypto scam has earned its name due to its well-orchestrated and highly interactive nature, designed to lure victims into investing more funds before being financially exploited. The "Pig Butchering Crypto Scam" has people scratching their heads because the cryptocurrency exchange is asking them to pay crypto taxes before they can withdraw their funds. It very unusual that a crypto exchanges want more of your USDT or crypto tokens for international crypto taxes.

Originating from WhatsApp, Telegram or other social media platforms

Originating from Southeast Asian countries like Hong Kong, China, Malaysia, etc this fraudulent scheme typically begins with the scammer initiating contact with the victim through social media, dating apps, WhatsApp or Telegram, using a fabricated profile. They gradually build trust and rapport with the victim, casually mentioning their substantial profits from cryptocurrency investments.

When the victim expresses interest in making an investment, the scammer guides them to what seems like real cryptocurrency exchange websites, but in reality, the scammer has full control over them. These are NOT real or genuine cryptocurrency exchange platforms but fake ones which are directly controlled by scammers and all details you see on those websites are fabricated.

We offer consultation and counseling for recovering your stolen crypto for victims of the 'Pig Butchering' Scam. We provide valuable support by guiding you through the steps to recover your stolen funds. Please Note: we are NOT Recovery Agents and do not take on any contingency assignments to recover your lost funds. Note that all consultations with the our experts are paid consultations.

Gaining the trust of the victim

The victim often goes to a well-known exchange like Coinbase, purchases stable coins like USDT, USDC, etc, and transfers few small investments to the fake platform's wallet. The scammer proceeds to post modest profits and even allows the victim to make small withdrawals a few times, thereby solidifying the illusion of a legitimate platform. They allow these small withdrawals with sole intention of gaining the trust of the victim.

Once convinced of the platform's authenticity and the legitimacy of gains, victims start investing larger sums, sometimes exceeding Lakhs or Rupees. Many victims acquire these funds through personal savings, Loans from friends & family, Loan against Property and Retirement funds like Provident Fund and PPF.

Abrupt surprise during withdrawal

When victims attempt to withdraw their substantial investments, the scammer denies their requests, claiming that a percentage (typically 10-30%) must be paid as Crypto taxes before the withdrawal can proceed. This tax requirement is a deception. The primary intent behind imposing this requirement is to obtain additional funds from the victim.

Even if the victim complies and pays the alleged taxes, the scammer continues to obstruct fund withdrawals, citing various reasons.

Ultimately, the scammer disappears, breaks all contact with the victim, and absconds with the invested funds, resulting in another successful instance of the "pig butchering" crypto scam.

Our offerings - ways in which we can provide assistance

We offer consultation and counseling for recovering your stolen crypto for victims of the 'Pig Butchering' Scam. We provide valuable support by guiding you through the steps to recover your stolen funds. Please Note: we are NOT Recovery Agents and do not take on any contingency assignments to recover your lost funds. Note that all consultations with the our experts are paid consultations.

We have provided consultation and guidance to individuals, some of whom have been able to recover the funds with the help of Police. Click here to read all about it in this post. 

Though it is challenging to pursue legal action against individuals involved in these types of investment fraud, as many of the perpetrators are located outside the victim's jurisdiction. It is crucial to have the following information with you:

• Date of the last fund transfer
• Last interaction with the scammer
• Whether a report has been filed
• Platform or address where money was sent
• Total loss amount
• Documentation of correspondence, wire transfers, and any relevant evidence.