The Crypto Scam Holiday Time in America

According to the FBI, there is a “pig butchering” problem in America. Victims are also shelling out millions of dollars. You might think we’re talking farms here. But actually, we’re talking about the nationwide crypto scam that is devastating investors. The term “pig butchering” refers to a situation in which scammers entice an unaware victim, the “pig,” into parting with cash for a projected high rate of profit.

Santa Clara County, California, district attorney Jeff Rosen is in charge of a multi-agency technology-crimefighting task force. According to him, scammers “fatten up the pig by tricking the victim into thinking they’re investing in something and directing money into cryptocurrency.” Criminals steal money from victims’ digital wallets after “fattening up,” according to Rosen.

Scammers Act Simply, Nevertheless Dangerously

Scammers bombard thousands of unwitting victims with unsolicited messages daily through text messages and social media. These messages generally hold an innocuous tone like, “Hi, how are you?” according to Rosen.

The scammer operates under a false identity. Then establishes a connection with the victim. This may take only weeks. And after that, the scammer suggests the victim “invest” in cryptocurrency.

Another method involves persuading a victim not to miss out on the advantages of cryptocurrency investment. They ensure that the scammer has made significant earnings in cryptocurrency.

Those who are persuaded to pay more and more money are enticed to send it with phony financial reports that suggest their assets have recovered a large profit provided to them.

Rosen explains, “This is where the pig’s fattening up comes in.” “You grow suspicious after a while,” he finally says. “You demand a refund from the individual who contacted you online, but they’ve ghosted you.” And voila, the crypto scam mission is accomplished!

Keep Your Eyes on The Lookout During the Holiday

Scammers target lonely individuals during the holiday season, according to Rosen. He adds that it is an especially fruitful period for them.

According to Rosen, the scamming operations that Rosen’s team has investigated — which are often conducted overseas, notably in Cambodia and China — involve extremely sophisticated methods.

He claims psychologists have taught them to seek ways to influence people in the best way possible.

With all this information in mind, we can easily claim that a little pinch of awareness is enough to stay safe from the crypto mentioned above scam activities. We should be aware of the individuals we start communicating with on social media and dating apps. Especially during the holiday season. That is profitable not only for fraud-free existence but for personal life too.