Brooklyn victims lose millions to a ‘Pig Butchering’ crypto scam
Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration
Victims in Brooklyn have lost millions of dollars after falling prey to a sophisticated crypto scam known as ‘pig butchering’.
According to a report by ABC7 NY News, the Brooklyn district attorney's office, has seized about two dozen web domains associated with this scam.
What is ‘Pig Butchering’?
The scam, characterised by its cunning approach, involves perpetrators engaging victims in online conversations, gradually gaining their trust, and then coaxing them into investing in counterfeit cryptocurrency schemes.
Victims, often lured through random text messages, dating sites, or WhatsApp groups, are promised heavy returns on their investments.
However, when attempts are made to withdraw funds, they encounter several obstacles, leading to the loss of their entire investment.
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What happened to the Brooklyn victims?
The Brooklyn-based victims have reported losses amounting to $5 million.
The ABC news report cited one of the victims, a 51-year-old woman, who recounted her ordeal after being introduced to the scam through online chat groups discussing crypto investments.
Swayed away by promises of heavy returns, she made several deposits via an app from coinformat.com, believing her investment had grown to nearly $400,000.
However, her hopes were torn apart when her attempts to withdraw funds were met with demands for taxes.
Subsequent complaints led to her expulsion from the chat group, with no news about her funds.
What are officials saying?
According to the ABC news report, Brooklyn District Attorney Eric Gonzalez, said that public awareness and education was needed to prevent these fraudulent activities.
By seizing and shutting down associated online infrastructure, authorities are trying to disrupt these schemes and prevent further victimisation.
Gonzalez cautioned against investments offering unrealistic returns, strongly holding that such promises are often deceptive.
Investigations have revealed that the reach of this scam stretch beyond Brooklyn, with victims identified in California, Pennsylvania, and Illinois.
Those targeted particularly included Chinese and Russian communities in Brooklyn.
The report notes that the funds were traced through multiple crypto addresses and eventually cashed out, possibly in China.