Technology has gained momentum in recent years since humankind is completely dependent upon its wide variety of applications and adaptations. Technology has become an integral part of our day-to-day life, making our lives easier and productive at the same time. The dependency we feel towards technology and its applications has created room for the crimes and scams associated with it. 21st-century scams majorly use advanced technological tools and methods to pry up the minds of victims.
The integration of Cryptography and technology has led to the development of many advanced features and options in the world. Cryptocurrency is no longer an unfamiliar term to us, we are all aware of it and its uses in our world. As the popularity of anything increases, the crimes and scams related to it will too grow. The Pig Butchering Scam is a growing scam in the cryptocurrency market.
The scams related to cryptocurrency and digital assets are becoming unpredictable and uncontrollable, so this is the time to be vigilant and stay away from possible scams, extra care while engaging in crypto transactions and their dealing is the only solution available against the scams
What Is A Pig Butchering Scam?
We have seen a wide variety of scams in our world, and every day new methods of inventions related to scams are emerging. Pig Butchering is an entirely different scam from traditional scams. This scam not only attacks the victim financially but psychologically as well. These scams happened to originate in China in the early 2010s and later spread into Southeast Asia.
The Pig Butchering scam has another famous name which is Romance Scam. The name itself contains the image of the fraudulent activity. In this method, the scammers often use fake identities and social media accounts to get in touch with people. The method is that scammers attract people by offering a high profit return and making them invest in fraudulent activities and schemes. This is a long-term process, scammers build trust in the victim through social relationships and finally convince them to invest in these fake schemes.
Crypto Pig Butchering Scam
In this scam, the scammers lure the people through social media applications and dating apps, after creating a well-defined rapport and strong relationship with them the scammers force them to invest in fake cryptocurrency projects and digital assets.
Scammers identify their potential victims through social media and dating apps then establish a romantic relationship with them and build trust among them, after completing the psychological task associated with it, the scammers introduce new investment methods in the cryptocurrency ecosystem, they might even create fake crypto projects and websites to increase the credibility of scams.
The offers they provide might include high returns and immense growth in the token portfolio. After the investment is done the scammers flee to another location without any evidence to track them down. The victims will never know that they are being cheated, because of the strategic manipulation of the scammers. They only get to know once the scammers are gone forever.
How To Prevent Crypto Butchering?
If you are interested in the cryptocurrency ecosystem or planning to be an active participant in it, you may need to pay extreme attention and be vigilant before making every small move. These are the warnings for you against Crypto Butchering.
- Never make any crypto project investments based on any unfamiliar relationships: Try not to make any investments with unfamiliar people, the business with unfamiliar people will always be skeptical and less trustworthy. Investments based on online relationships will always end up in any possible scams, so avoiding it will be the better way to prevent scams like Crypto butchering.
- Verify the authenticity of the project and its details before making any investments: if you are planning to make an investment in any crypto project, study the background, market, and history of the project. If the project is found to be authentic and legit, then move forward with the investment, if it lacks any authentic information, stay away from it as soon as possible.
- Consult a financial expert before making any investments: seeking professional advice from an expert will never be a bad move. Cryptocurrency investment is a risky process and requires a lot of technical knowledge and application. So to stay away from scams, consulting a crypto analyst or financial advisor is better.
Also, Read: Beginner’s Guide to Web3 Security
Conclusion
Scams are a blended social evil associated with human civilization, as long as those who are ready to take advantage of vulnerable people, these scams will stay in our world. Novel technology features will be used in various scams, and new methods will be implemented, so it is impossible to eradicate the scams from the world even though we can punish the scammers.
Crypto Pig Butchering is growing as a major issue in the ecosystem, the best thing we can do is to take necessary actions to prevent the scams before they happen. Being vigilant is the only thing we can do against the issue. Carefully invest in cryptocurrency projects and only make smart moves in the arena. Stay away from scams and enjoy the digital finance.
