Looking for love in the wrong places? Beware of 'Pig Butchering' Cryptocurrency Scam

TALLAHASSEE – Floridians are being warned of a recent cryptocurrency scam known as “pig butchering” or “pig slaughtering,” reportedly most often perpetrated on dating sites and social media as a new form of a romance scam.

Chief Financial Officer Jimmy Patronis says the scam works as victims are enticed to put more and more money into a fake cryptocurrency investment scheme only to “fatten them up” before a scammer disappears with vast sums of their cryptocurrency. 

“In Florida, we embrace emerging technology and innovation, but consumers must always stay on guard for scams especially as new financial products like Bitcoin and other cryptocurrencies become increasingly popular,” Patronis said.

“Reports say cryptocurrency scams have bilked millions out of unsuspecting crypto investors; many of which were scammed through online dating apps over the course of several months.”

“Just like with any major financial decision, consumers should do research and never transfer funds to someone you think is suspicious, untrustworthy, and whose identity you haven’t verified.”

“You may as well kiss your money goodbye. If you feel you have been the victim of a scam, report it immediately at FraudFreeFlorida.com. Always remember, if an opportunity sounds too good to be true, it is.”

These are 3 tips from the Federal Trade Commission (FTC) to avoid crypto scams:

• Only scammers demand payment in cryptocurrency. No legitimate business is going to demand you send cryptocurrency in advance – not to buy something, and not to protect your money. That’s always a scam.
• Only scammers will guarantee profits or big returns. Don’t trust people who promise you can quickly and easily make money in the crypto markets.
• Never mix online dating and investment advice. If you meet someone on a dating site or app, and they want to show you how to invest in crypto, or asks you to send them crypto, that’s a scam.

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