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A pig-butchering scam uses a relationship to build trust, then steers someone into a fake crypto investment. The scammer may show fabricated profits to encourage larger deposits, then block withdrawals. If you have sent money, contact the financial institution or exchange involved promptly; a possible fund-freeze process is not a guarantee of recovery.
What is a pig-butchering scam?
It is a fraud in which a scammer grooms a target through a personal or romantic connection and later promotes a fraudulent investment, often involving cryptocurrency. The relationship is part of the pitch: trust makes the investment recommendation seem credible. The investment site or app may be controlled by the scammer, including its displayed balance and gains.
A 2025 qualitative study by Rajvardhan Oak and Zubair Shafiq, based on interviews with 26 victims, describes a pattern from initial contact and trust-building to a fabricated opportunity, escalating deposits, and delayed or blocked withdrawals. The interviews offer insight into those participants’ experiences, not an estimate of how common the scam is across the population. Read the study, “Hello, is this Anna?: A First Look at Pig-Butchering Scams”.
How the scam typically unfolds
- Unsolicited contact: Someone starts a conversation online, sometimes letting it develop into a friendship or romantic connection.
- Trust-building: The person presents themselves as knowledgeable about investing or cryptocurrency.
- A move to a recommended platform: They direct the target to an investment website or app that appears to show account growth.
- Pressure to add funds: Apparent gains and claims of unusually reliable returns encourage larger or repeated deposits.
- Withdrawal trouble: When the target tries to cash out, the platform delays or blocks the withdrawal. Further demands may follow.
A displayed profit is not proof that an investment exists or that funds can be withdrawn. A fraudulent platform can show numbers chosen to persuade someone to deposit more.
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- A new online contact turns a personal conversation into investment advice or urges you to use a platform they recommend.
- They claim high returns are reliable or imply there is little or no risk of loss.
- The account shows profits, but the contact encourages you to deposit more rather than withdraw and independently verify the investment.
- You are pressed to act quickly, keep the opportunity secret, or send additional money to unlock a withdrawal.
- You cannot withdraw funds normally, or new conditions appear when you try.
- After losing money, someone offers to recover it for an upfront fee or asks for more funds to begin recovery.
These signs reflect patterns reported in the Tech Times account and the 2025 victim-interview study. Their absence does not prove an investment is legitimate. Stop following the contact’s instructions and verify any opportunity independently through trusted sources before sending money.
What the reported figures do—and do not—show
A July 2022 Tech Times article by Sophie Webster reported Federal Trade Commission figures for romance fraud: 56,000 reports, a 70% increase, and about $547 million in reported losses, 78% higher than the prior year. Those figures concern romance fraud broadly. They are not a verified count of pig-butchering victims or a pig-butchering-specific loss total, and they should not be read as current figures. Read the Tech Times report.
In the 26-person study, 57.7% of interview participants reported later approaches from people claiming to be recovery agents or law enforcement. That percentage describes only the study sample; it is not a population-wide rate. The authors also discuss shame and concerns about reporting, which may make it harder for victims to seek help.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.If you have already sent money
- Contact the financial institution or exchange involved promptly. Ask whether it can take action on the transfer or account. The available evidence does not establish that a transfer can be reversed.
- Do not send more money to the scammer or to an unsolicited recovery agent. An upfront-fee promise is itself a documented warning sign.
- Use official government reporting channels. The specific current FTC reporting route for this scam is not established here, so confirm any reporting instructions directly with the relevant agency.
FTC testimony describes a limited referral process: when a consumer agrees, the FTC refers certain high-dollar reports to the FBI’s Internet Crime Complaint Center Recovery Asset Team. The team can initiate the Financial Fraud Kill Chain to notify bank partners in an attempt to freeze funds for possible recovery.
For 2024, the FTC said the team initiated that process for 2,651 incidents and, with bank partners, froze $469 million of $651.5 million in reported losses. These are broad program figures, not pig-butchering-specific results. A freeze attempt does not mean money will be recovered or repaid. Read the FTC testimony.
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