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pig butchering in chinese Bnb XRP aave Bonk coinbase futures litecoin futures cardano futures

What is pig butchering & how does it work?

The term 'pig butchering' comes from the Chinese expression 'zhu zai', which means 'to slaughter a pig'. It refers to the process of 'fattening' the victims by gaining their trust and increasing their investments, before 'butchering' them by taking all their money. The scam works by first establishing a relationship with the target.

What is an example of a pig butchering scam?

An example of a pig butchering scam made headlines in 2022 when a man lost $1 million after initial contact with a scammer pretending to be an old colleague on WhatsApp. Find out more about this scam and how it is targeting cryptocurrency investments.

How long does a pig butchering scam take?

After the scammer finds their next victim, they make consistent contact to establish trust, which can take weeks or months, depending on the victim. The pig butchering scam -- or romance scam -- is one of the popular ways thieves steal cryptocurrency. After gaining trust, the scammer then encourages the victim to invest in cryptocurrency trading.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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