A well-known cryptocurrency fraud has a new name and defrauded millions of investors. “Pig butchering scam” continues to afflict the crypto market. However, the most recent cryptocurrency scam has highlighted fraud awareness. In conclusion, pig butchering has a clever new twist that combines investment fraud and romance fraud.
To become the victim’s “new buddy” or “lover,” the goal is to initiate a cordial chat with them.
The scammer will make numerous phone calls due to the new acquaintance giving them reasons to continue a discussion. They build a friendship slowly to become part of the victim’s everyday life. They gradually introduce the idea of using cryptocurrency to invest in a business while gaining the victim’s trust.
Seth, a man of 30 years, fell into the love trap and lost almost $5000 from his wife’s savings. He thought his new friend from Singapore would change his life. So how did Seth fall into the trap, and did he able to recover the money he lost?
Since people are smart and will spot fraudsters when they approach them asking for money, the scammer uses persuasion rather than asking directly for money. They gradually coerce their victims into what appears to be a casual discussion about cryptocurrency investments and gains. But instead, the scammers are duping them into investing in the scheme.
Seth was 30 when he started dating for the first time. Soon they were exchanging photos, videos, and voice messages, and even had an intimate video call that didn’t include their faces. Masha Li, one woman, immediately piqued his interest. She was a stunning Singaporean immigrant who resided in a nearby town, and they had a lot of similar interests. So they switched from the dating app to WhatsApp and began exchanging voice messages, photos, and videos. They even had a private video call without showing their faces.
One thing to notice here, Masha built her trust by showing herself in a private video call. However, she did not show her face. When a person is in love and can perform a video call with the other person, he thinks, okay, that will not be a hoax. The same thing happened with Seth.
Masha seems to be feeling the same intense emotions Seth did quite fast. They had daily conversations, she told him she loved him, and they even tried to meet up in person. Seth enquired about Masha’s interests about a week into their relationship. She informed him that she was interested in investing in cryptocurrencies, and he replied that he had also looked into that. They discussed other issues immediately, and Seth didn’t give the conversation much thought until Masha brought it up approximately a week later.
Seth then reasoned, “Why not?” He had been thinking about investing in cryptocurrency and now had a mentor willing to help him. Several weeks later, Masha assisted him in making a $200 investment on the website bsvglobal.cc.
Seth was delighted when his initial $200 quickly increased to $240. Masha urged him to invest more, so he withdrew the money. He initially objected, but he later began considering his spouse’s ideas for building a tiny house and moving inside. Why not invest in cryptocurrencies to fund that dream?
So Seth gave it his best. His wife took $5,000 out of their 401(k) and gave it to him to invest in the scheme. He revisited the website Masha had suggested, reasoning that it was secure to use again if it had previously worked.
She also informed him that the website would charge a fee for “very, very significant withdrawals” after he had made the deposit. Masha persisted in pleading with him to continue investing, but he resisted. She then informed him that she was sending “street thugs” to his and his spouse’s home to beat them up because she knew where they lived.
He never spoke to her again and is still waiting to receive his $5,000, which will never happen.
You can report a scam on our website, and we can help you to recover your money from a pig butchering scam. How can we help you? First, we will provide you with a free consultation and guide you on recovering the stolen funds. We then recommend some good recovery services that have experience and reputation.
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If you need any legal aid regarding this scam, we also use our legal connections to help you. Overall, we can provide you with the best guidance and recommendations to get a recovery service.
In the future, before making any decision on any investment, you can also check our list of scammers in different categories. We have a section where you can find investment blacklists, forex scammer lists, cryptocurrency scammer lists, unauthorized brokers by FCA, and HYIP blacklists. In our blog section, you can find updated blogs on recent scam trends, tips on how to avoid scams, different types of crypto scams, different types of investment scams, and many more.
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