Unmasking the 'Pig butchering' crypto scams

Business Jun 19, 2025

US officials just seized $225 million in crypto tied to "pig butchering" scams—a scheme where scammers befriend people online, gain their trust, and then convince them to invest in fake crypto platforms.
Victims think they're making money, but it's all smoke and mirrors, and the scammers disappear with the funds.

How these scams work and who is behind them

Scammers usually reach out on social media or messaging apps, often using AI-generated photos to look legit.
They let victims withdraw small amounts at first to build confidence, but once bigger investments are made, access is suddenly cut off.
These scams are popping up more in places like India as digital payments grow—and organized groups from countries like Myanmar and Cambodia are behind many of them.