Is pig butchering a scam?

Pig butchering — a translation of the Chinese phrase “Shāzhūpán” (Sha Zhu Pan) used to describe a type of financial scam — has enabled scammers to steal hundreds of millions of dollars. That’s according to the FBI’s 2021 Internet Crime Report, which pegged losses at over $429 million based on reports from thousands of people in the United States.

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.

What should I do if I get caught in a pig butchering scam?

What to do instead: If you suspect you might be caught up in the early phases of a pig butchering scam, but are able to withdraw money, make your withdrawal immediately and stop right there. Quit while you're ahead, and don't invest another dollar. End all contact with the people, and block their numbers .