How Americans Are Losing Their Life Savings To Crypto Fraud

“Pig butchering” scams got its name from the idea that scammers “fatten up” victims by building trust, and the strategy has amassed billions in stolen funds—particularly in the form of cryptocurrencies.

Losses from investment scams soared 38% to a new record high in 2023, according to the FBI’s Internet Crime Report. Of the $4.57 billion in funds reported stolen, $3.96 billion involved fraudulent crypto investments. So, why are these scams so successful and what is law enforcement doing about it?

Chapters:
0:00 - Intro
2:03 - What is pig butchering?
4:40 - Tracing funds on the blockchain
9:12 - Outlook

Produced, Shot, and Edited by: Kaan Oguz
Animation: Christina Locopo, Jason Reginato
Managing Producer: Jordan Smith
Additional Footage: Getty Images

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How Americans Are Losing Their Life Savings To Crypto Fraud

[jaylu]

If you meet someone on a dating app and they ask you about crypto, just run.

[jcy]

I'm an introvert and I think everyone is a scammer, including anyone who calls me, everyone at work and even the police. Trust no one 😂

[qrstuvwxyz]

It's stange that scammers are mostly not censored by youtube

[jasonleman]

Why the hell would you take investment advice from some random person who contacts you? I dont get it

[Pelet]

I am appalled how people get caught in these kinds of scams. Not sure what it would take to make me give away 150K to strangers. Probably a gun to my head.

[agoodfilter]

Scammers openly advertising on YouTube

[AlexYoung-]

Bitcoin, once valued at just a few cents, has now skyrocketed to tens of thousands of dollars.

[TomNook.]

How do you spend 6 months talking to someone on a dating app without actually meeting them in real life?

[anyadike]

I had someone ask me for money on a dating site, but we hadn't even met, yet. I told them I'm not going to give you money, at least not until after we've met, and I really get to know you. We never met, because they never contacted me again.

[lunarsoulz]

This scam is everywhere in Asia and seeping into the West. Its very sophisticated and their are many victims, like my Uncle.

[a_slime.]

For those of you who dont get it, its about grooming someone. And then betraying the trust that has been created.

The grooming is the scam.

[dlewis]

“These people are not gullible”. Hmm. I am trying to remember the last time I heard of something good coming from responding to a random, unsolicited text.

[gbb]

Showing actual pigs and then a meat grinder in this video is awful, but it drives home the point.

[pooyakhalili]

The ad before this video was a crypto ad 😂😂😂😂

[esonon]

If you're talking to someone on a dating app and they start talking about crypto, you know it's a scam.

[shiftymcgee]

Just assume anyone you haven’t met in person is a scam artist. Never answer unlisted calls. Pay for everything directly from a company website you searched yourselves. Never use an email link.

[paillette]

I made a comment on the BBC piece about pig-butchering. A customer was being scammed in 2014 (I was a banker) and I nipped it in the bud.

The prevailing comments tend to, as here, blame the victims.

Now, with increased isolation thanks to apps and socials people are feeling loneliness. And thanks to that same isolation, you won’t have a banker or other intercessor in the process.

The first lady sounds like she either got a refi loan or huge loc and thought she could trust someone. God forbid she took out a 401k loan.

It’s happening to every gender and every age group.

[Avajordan]

The corruption that runs through this administration is getting scarier. I feel for the disabilities who are not getting the help they deserve. Anyone who is not investing now is missing a tremendous opportunity. Imagine investing $2, 000 and receiving $10, 020.

[Vdessis]

Remember what we were taught in school? "Don't talk to strangers" not sure why grown professionals are entertaining these random scammers. I don't pity people losing money. You're a grown professional and you're bonding with a random person hitting you up with "Hi! It's Lisa"

[russelldofrane]

I'm sorry but anybody who falls for this is just not an intelligent person. I get these texts all day long and it's so obvious that these people are scammers I don't understand how anyone could ever fall for this kind of crap.