Pig Butchering - Crypto Romance Scammers Making Millions

With the meteoric rise in the popularity of cryptocurrency investment appearing to have accelerated over the last few years in particular, I’m sure there are very few reading this who have not yet heard of them if not considered taking the plunge and making an investment.

With this in mind, it’s important to remember that honest individuals aren’t the only ones who have recognised a potential opportunity.

There are those who may look to take advantage of others via scam opportunities and the "Pig Butchering" scam is one that has recently grown particularly popular amongst these con-artists!

Read on to find out more or click a link below to jump chapter.

Chapters

1. What is the Pig Butchering Scam?
2. Tips to Avoid Becoming a Victim
   • Protect Your Personal Details
   • Be Sceptical
   • Check the Email
   • Know Where You’re Transferring Coins
3. Conclusion
4. Contact Us

What is the Pig Butchering Scam?

Image credit: Pixabay

As a part of this particular scam, cunning & nefarious individuals will take advantage of not only your desire for a comfortable return on your investment, but begin by pulling on your heart strings via popular dating apps such as Tinder & Hinge.

Once a friendship has been relatively quickly established, the scammer will begin to boast of their understanding of crypto currency, eventually offering to show their victim how to set up their own account, enticing them with the promise of a low-risk high-yield gain.

In order to ensure the victim feels comfortable, the scammer will first show them how to set up an account with a reputable platform such as Coinbase, one which they might already have heard of.

Once an initial investment has been made however, they will be encouraged to transfer to a different platform – this is where the scammer begins to profit!

With false profits beginning to show via the scammers site, the victim will only naturally be happy to make more and more "purchases", a cycle which will continue until it becomes apparent that no profits can be withdrawn, and no genuine transactions having actually been made.

Tips to Avoid Becoming a Victim

Image credit: PIxabay

With the interest in cryptocurrency investment on the rise amongst crew, including many of our clients, it’s important to be vigilant when making your investments.

For this reason, we’ve included below some of our top tips for avoiding becoming a victim:

Protect Your Personal Details

Make sure that any requests for your personal information are genuine.

Don’t give them out on an incoming call and never give out your password.

Be Sceptical

Be aware that not all sites offering crypto exchange will be genuine. Approach with caution and don’t commit if you’re not sure.

Check the Email

One of the most basic security checks you can make is to check the email address.

Genuine emails from Coinbase will come from @coinbase.com NOT @me-zej-par.com or similar

Know Where You’re Transferring Coins

If you’ve been successful in setting up a legitimate account and making some purchases, approach with the same caution you did when setting up the account before transferring any coins elsewhere.

Conclusion

Keep the above in mind and there are plenty of perfectly good opportunities out the, with many people having found their crypto experience to have been completely free of interruption from scammers so far.

Always remember however – if it seems too good to be true, it probably is!

Contact Us

If you have questions about cryptocurrency, we want to hear from you.

Simply get in touch with us today or let us know your thoughts in the comments section below.

Disclaimer: Any advice in this publication is not intended or written by Marine Accounts to be used by a client or entity for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing or recommending to another party matters herein.