John B. Marek is a writer, farmer, outdoorsman and recovering economic developer. You can find his books at johnbmarek.com.
When I first heard about internet “pig butchering” scams, I took the terminology a bit too literally. I initially thought they involved unscrupulous people who advertised meat-cutting services and then absconded with the carcass at the first opportunity. It turns out pig butchering in the internet context has nothing to do with pork and everything to do with fleecing victims out of their life savings.
Pig butchering scams lurk online, targeting people through social media and dating apps. The term “pig butchering” comes from a chilling analogy. Just like a farmer fattens a pig before slaughter, scammers in this scheme spend a long time building trust and “feeding” the victim with emotional connection and small monetary gains. They act friendly, building trust with their victims. Over time, they introduce a fantastic investment opportunity in cryptocurrency or another enticing market. These investments are fake, but with manipulated results, victims see initial gains that fuel their confidence. Eventually, when the victim invests a significant amount, the scammer disappears with the money, leaving the victim financially and emotionally devastated.
If you have ever accepted a friend request on Facebook only to discover that the account is fake and the person on the other end isn’t who they claim to be, you’ve probably been exposed to a pig butchering scam. I recently accepted a friend request, ostensibly from someone I worked with many years ago in Ohio. I almost immediately received a message from them asking “how we’ve been doing.” I thought that was a little suspicious, so I sent a very generic reply: “Doing great, hope you are too.” After a few days of generic banter that confirmed this person absolutely was not my old co-worker, the scammer reared their ugly head, telling me they had made lots of money on a cryptocurrency site and provided a link. I immediately unfriended them and reported them to Facebook.
That was a very amateur attempt in the grander scheme of pig butchering. More sophisticated players lurk on dating sites and spend weeks, even months, gaining the victim’s confidence before springing the trap. It is hard to believe any intelligent person could fall for these scams, but they do, often to the tune of hundreds of thousands, if not MILLIONS, of dollars.
Scammers favor cryptocurrency in pig butchering schemes because, unlike credit cards or bank transfers, cryptocurrency transactions are generally irreversible. Once you send crypto, it’s nearly impossible to get it back, especially if the scammer uses a complex wallet address. They disappear with the money without a trace.
Cryptocurrencies also offer a degree of anonymity for users. While the transactions themselves are recorded on a public ledger (blockchain), they aren’t directly tied to a person’s identity, making it harder for authorities to track down scammers. And cryptocurrency’s association with innovation and legitimate potential for high returns can make it a seemingly attractive investment for victims, especially those unfamiliar with the tech. Scammers exploit this perception to make their schemes more believable.
To protect yourself and your money from scammers, don’t engage with unexpected messages or friend requests from strangers, especially on social media or dating apps. Be wary of investment opportunities that promise high returns with little risk – legitimate investments typically involve some level of risk. If something seems too good to be true, it probably is. Don’t feel rushed into making any financial decisions. If someone suggests an investment platform, don’t just take their word for it. Do your own independent research. Look for reviews, check with financial regulators and see if the platform is registered with legitimate authorities.
Scammers may use fake profiles with attractive pictures and crafted personas, but they are often not the gender or nationality they claim. Be cautious if someone you haven’t met in person avoids video or phone calls, and if something feels off about an interaction, trust your instincts. It’s better to be cautious and risk insulting someone than to lose money to a scam.
If you suspect you’re involved in a pig butchering scam, you should immediately cut off all contact with the scammer. Don’t respond to their messages, calls or attempts to engage you further. Don’t be lured into investing additional funds, even if the scammer promises to help you recover your initial losses. And don’t get “cute” with them by lecturing them on the errors of their ways or pretending to go along with the scam to “see what happens.”
Of course, I’m too stupid to take my own advice, so I’ve prepared a “cow slaughtering” scheme in response. The next time some new Facebook “friend” lets me in on a great opportunity in cryptocurrency, my reply will be:
Oh, that’s great, but all my money is tied up in SchmikkelCoin. Maybe you’ve heard of it; it’s the revolutionary new cryptocurrency powered by cows.
Cows?
Yes. Forget the energy-guzzling computers. SchmikkelCoin is powered by the sheer brainpower of cows! Its patented MooChain extracts computing power from a cow’s natural musing, resulting in a sustainable and ethical crypto experience. SchmikkelCoin is good for the environment and good for your conscience. How much would you like to invest?