The digital age has brought us incredible opportunities to connect with others and build wealth through investments. Unfortunately, it has also given rise to some of the most sophisticated and devastating financial scams in history. Among these, pig butchering scams stand out as particularly cruel and effective forms of fraud that combine emotional manipulation with investment deception.
If you’ve never heard of a pig butcher scam, you’re not alone — but you need to be aware of this growing threat. These elaborate schemes, also known as crypto romance fraud, cost victims an estimated £3.2 billion in 2024, with losses continuing to mount as scammers become increasingly sophisticated.
What Is a Pig Butchering Scam?
“Pig butchering” is a term used to describe a long-term investment scam where fraudsters methodically build trust with victims over weeks or months before convincing them to invest in fake cryptocurrency platforms. The name stems from the agricultural practice of fattening pigs before slaughter — as scammers are “fattening up” their would-be victims with false attention and information.
Pig butchering scams originated in China in 2019, where it is also known as “Sha Zhu Pan”, which translates to “Killing Pig Plate”, before spreading worldwide.
The scope of this fraud is staggering. Recent data indicates that pig butchering scams contributed around one-third (33.2%) of the estimated $12+ billion crypto fraud losses in 2024 — a figure that shows consistent growth over time.
A core difference between pig butcher scams compared to other forms of crypto fraud is that they are very rarely a random act of opportunism — they’re usually an organised criminal enterprise implemented using training manuals and sophisticated techniques.
The Anatomy of a Pig Butchering Scam
One of the most important steps to ensuring you don’t fall victim to a pig butcher scheme is to understand how they work. These scams typically follow a consistent, predictable pattern:
Phase 1: The Hook
The scammer will initiate contact through what seems to be a mistake. You can expect to receive a text or WhatsApp message about a missed meeting or social event. Were you to respond to inform the sender that they have a wrong number, the scammer will not apologise and bow out as you would expect — they will instead attempt to start a conversion with you and begin building a relationship.
This “wrong number” approach is a deliberate one as it is supposed to feel more natural and non-threatening as it leaves the onus on the victim to respond. The scammer will often be apologetic in order to continue a conversation. This innocuous start is the first step in what will become a months-long campaign of manipulation.
Phase 2: Building the Relationship
Once contact has been established, “the pig butcher’ begins attempting to develop an emotional connection with the victim. The usual “in” is to present themselves as successful professionals working in finance, tech, import/export, etc. To “prove their wealth” they may share images of expensive cars, dinners, travel that, more often than not, will be taken from social media or even stock photo websites.
The crux of the con comes in this phase as the scammer will invest considerable time learning about your life, interests, and finances. If things are going well, they could spend hours a day messaging and building trust over a period of weeks or months.
The scammer will commit significant time to playing the role of your caring and thoughtful friend or even romantic interests — crypto romance scams.
Phase 3: The Investment Pitch
Once trust has been established, the scammer will begin to introduce cryptocurrency investment opportunities, likely claiming to have insider knowledge or exclusive access to a surefire win investment. The approach will remain subtle — not asking for money immediately.
They will likely offer to “teach” you about crypto trading so you earn a slice of the pie. They’ll guide you through setting up an account on a legitimate exchange first (Coinbase or Binance), further building credibility before eventually, subtly, directing them onto a fraudulent platform.
These fake trading sites are built to be sophisticated, to mimic legitimate platforms using professional design and even fake customer support in some cases.
Phase 4: The Harvest
Once you begin investing in this fraudulent site, the scammer may even allow for small amounts of withdrawals to further build your confidence. However, when you attempt to withdraw larger sums, you’ll encounter various obstacles, such as:
- Tech problems
- Service fees
- Tax requirements
- Account verification issues
Eventually, once they have taken what they wanted, the scammer will disappear completely with any funds you have invested, leaving the victims at both a financial and even emotional loss. Studies have shown that 75% of pig butchering victims lose over half of their net worth to such schemes.
Red Flags: How to Spot a Pig Butchering Scam
Recognising the warning signs of a pig butcher scam, as with all other forms of cryptocurrency fraud, could save you from serious financial issues. From communication tactics to technical issues, here are some of the key warning signs and red flags to look out for:
Communication Red Flags
- Unexpected Contact: Any message from an unknown number, especially one that seems like a “wrong number”.
- Reluctance to Meet: Continuous excuses for not meeting in person or avoiding video calls.
- Quick Attachment: Expressing strong feelings unusually fast or “love bombing” with excessive attention, often without provocation.
- Constant Availability: Claiming to have a legitimate (and successful job) yet being available to text at all hours night and day.
Investment Red Flags
- Guaranteed Returns: Promises of safe, high returns with no risk attached.
- Exclusive Opportunities: Claims that you’re being offered a chance at a special or limited-time investment.
- Pressure to Act Quickly: True of all possible scams, any urgent message about a time-sensitive opportunity soon to expire should be seen as a major red flag.
- Recruitment requests: Asking you to bring friends or family into the investment can point towards a possible pyramid scheme.
Technical Red Flags
- New Website: Fraudulent platforms will often be using recently registered domains.
- Issues Withdrawing: Any inability to withdraw funds or requirements for additional steps or fees to do so.
- Unprofessional Platforms: Poor website designs, broken links, or suspicious app store listings.
The Global Impact of Crypto Romance Fraud
The reach of crypto romance fraud extends far beyond just individual victims and solo scammers. These operations are often organised and can be large in scale. The International Justice Mission has documented immense growth in such crimes since 2021, with operations being cited as expanding from its origin in Southeast Asia into countries like Nigeria, Namibia, and Peru.
Between November 2024 and February 2025, authorities in seven African countries arrested over 300 suspects and seized 1,800+ devices in an international operation targeting cyber attacks and cyber-enabled scams — demonstrating the scale and global nature of these operations. Infrastructure supporting pig butcher scams will often include:
- Professional training facilities.
- Detailed procedure manuals.
- Sophisticated technology to create fake profiles and platforms.
- Money laundering networks to convert cryptocurrency into traditional cash.
- “Customer service” teams, to handle their victim’s inquiries.
What to Do If You’ve Been Targeted
If you suspect you’re dealing with a pig butcher scam:
- Stop all Contact: Don’t try to get your money back through the scammer.
- Document: Save screenshots detailing all conversations and transaction history.
- Report to Authorities: Contact ActionFraud for 24/7 cyber reporting.
- Notify your Bank: Alert your bank about being a victim of a potential fraud.
- Seek Expert Help: Consult with a forensic accountant specialising in cryptocurrency fraud and asset recovery.
The Future of Pig Butchering Scams
As technology continues to evolve, so do the methods scammers use to defraud victims of their hard-earned money. Techniques and tools being utilised by pig butchering scammers to further trick potential victims and make it more difficult for them to identify if they are being scammed include:
- AI-generated profile photos and fake social media accounts with realistic posting histories.
- Voice cloning technology to create convincing phone calls and voice messages.
- Fake testimonials and reviews from supposed “successful investors” and satisfied users.
- SSL certificates and professional web design to make fraudulent platforms appear legitimate and trustworthy.
- VPN and proxy networks to hide scammers’ true locations and avoid detection.
As indicated above, the revenue from these scams was believed to have increased by around 40% in 2024 from the year before, indicating that the current level of prevention is unable to keep pace with this growing threat. Law enforcement agencies around the world are doing their best to combat and shut down such operations, but the decentralised nature of cryptocurrency and the international scope of these crimes all make them highly challenging to stop.
Staying Safe in the Digital Investment World
Pig butchering scams represent one of the most sophisticated financial frauds of our time, combining emotional manipulation with fake investment platforms to devastating effect.
Your best defence is healthy skepticism. Be wary of:
- Unexpected contact from strangers.
- Investment opportunities that seem too good to be true.
- Anyone pressuring you to invest quickly.
- Platforms that make withdrawals difficult.
If you suspect you’ve been targeted, act quickly. Time is critical for both stopping further losses and potentially recovering funds already sent.
If you believe you’re a victim of cryptocurrency fraud, contact Inquesta Forensic for specialist support in asset recovery.
