IT-ONLINE – The "pig butchering" scam, which originated in China, has led to Americans losing ~$112M in cryptocurrency. The scam primarily targets users on dating apps. Scammers build romantic connections with their victims over weeks or months, and then start discussing their affluent lifestyle due to an investment app. Eventually, they offer investment advice and recommend a specific trading platform, encouraging the victim to invest. Initially, victims see returns, but as they invest larger amounts, the scammer starts demanding huge fees for withdrawal and then disappears with the victim's money. Despite awareness of such scams being high, many still fall prey.
