pig butchering scam Archives

In an effort to eliminate the term "pig butchering," INTERPOL is recommending a change in terminology that would replace it with "romance baiting" to describe online frauds in which victims are tricked into investing in fraudulent cryptocurrency schemes under the guise of a love relationship. According to a statement from the agency, the term "pig butchering" dehumanizes and shames victims of such scams, discouraging them from coming forward to ask for assistance or give information to the authorities. Around 2016, the cryptocurrency theft scam made its debut in China, but it has since spread throughout the world. It comes from the Chinese expression "杀猪盘" ("shā zhū pán"), which means "pig butchering" in literal translation read more about INTERPOL Pushes for "Romance Baiting" to Re...

According to researchers, the ostensibly genuine online marketplace Huione Guarantee is being exploited as a vehicle for money laundering from online fraud, including "pig butchering" investment fraud. A victim of a pig butchering scam is duped into gradually sending money through phony websites with impressive investment returns. When victims attempt to withdraw money, the fraud is discovered, and by then, they have typically lost a sizable sum of money. The Huine Guarantee merchants have transacted at least $11 billion, according to a report from the blockchain analytics company Elliptic. Some of these transactions have been connected to different forms of cybercrime, such as setting up websites for investment fraud, the sale of personal data, and money laundering read more about ...

Tag: pig butchering scam

INTERPOL Pushes for “Romance Baiting” to Replace “Pig Butchering” in Scam Discourse

Huione Guarantee exposed as a $11 billion marketplace for cybercrime