It usually begins with an ordinary text.
A “hello” to the wrong number that turns into an everyday conversation. A stranger who appears to have an unusual interest in your life. They ask about your family, your work, your dreams. They remember small details. It feels safe, warm, and genuine.
This is why it feels so personal today.
However, they will eventually change their story: “I can help you make money. I invest in crypto. Check out how well I’m doing.”
This is the definition of a pig butchering scam, which is an “insidiously slow form of scam that relies on building trust before extracting money.” According to INTERPOL, “the term pig butchering can also shame victims, which can prevent them from reporting their experiences.”
What is it?
It can be defined as “someone who pretends to be your friend for months, until you let your guard down, then they introduce you to an investment scam website or app, which appears to be legitimate, until you try to withdraw your money, at which time you cannot.”
The Federal Bureau of Investigation describes it as “a cryptocurrency investment scam that typically starts with an online relationship, followed by an investment scam.”
Why is it exploding: five forces working together
1) It is operated as a business.
It is not always an individual operating on their own. According to the United Nations Office on Drugs and Crime, “large-scale scam operating centres, particularly those associated with crime groups in East and Southeast Asia, have transformed into an ‘industry’ that is highly adaptable and can quickly expand in response to pressure.”
When something is “industrial,” it means it can scale quickly.
2) Crypto is quick and hard to reverse
Bank transfers may be put on hold. Crypto can move internationally quickly and is difficult to reverse. The speed of crypto is a present to scammers.
Chainalysis found that pig butchering is one of the main sources of crypto scam money. Reuters wrote about Chainalysis’s estimate that the income from” pig butchering scams increased by almost 40% in 2024.
3) AI makes fake people sound real
With AI translation and other tricks, a scammer can feel “local.” WIRED wrote about pig butchering scams that use more advanced technology, such as AI.
4) Social apps are the perfect hunting grounds
Dating apps and social media are designed for connecting quickly. A scammer can have hundreds of connections and just needs a few to fall for it. The initial conversation is free; the relationship is the bait.
5) The scam targets your emotions, not your math skills
These scams do not “beat” smart people by being smarter. They beat them by being patient and personal. They manipulate their victims to keep secrets, to ignore their intuition, to believe that they are missing out on the next big reward. That’s why victims feel so destroyed, even after they’ve lost their money.
The extent of the damage
The extent of the damage is staggering, and it’s reflected in official statistics.
In the FBI’s annual internet crime reporting, investment fraud, particularly crypto-related, is one of the largest categories of reported losses, which run into billions of dollars.
The authorities are fighting back, and it’s an uphill task.
The United States Secret Service announced a $225.3 million seizure related to cryptocurrency confidence scams in June 2025, which gives an idea of the scope of these cases.
INTERPOL has issued a warning about scam centers going global, with links to human trafficking and forced labor, with victims trafficked from various countries to participate in these scams.
How to spot it early (the simplest rules)
No special equipment is required, but you need a pause button.
Red flags that matter:
- A stranger combines romance/friendship with “investment advice.”
- They pressure you to move the conversation off the platform quickly.
- They show you profits, but won’t allow you to make a small withdrawal test.
- They ask you for “fees” or “additional deposits” to gain access to your money.
If you suspect you have fallen victim, the fastest step is to stop sending money and save the evidence (screenshots, wallet addresses, usernames). Then, immediately report it to local cybercrime agencies and, if applicable, organizations like the FBI’s IC3.
The bigger reason this is spreading
Pig butchering is going viral because it has the potential to bring together three things that can spread quickly online: people’s trust, computers, and money that can move in an instant.
And the key here is the most important lesson: if you’re being approached by an online “friend” trying to get you to join their secret investment, it’s like having a smoke alarm going off, not an opportunity.Click here for more trending, research-backed news articles.
