‘Pig butchering’ online crypto investment scams fleeced New Yorkers of RM49mil

Gonzalez speaks to the media in the Brooklyn borough of New York. Authorities in New York City say they have disrupted an online fraud operation that stole millions of dollars by duping victims into making phony cryptocurrency investments. Gonzalez said Thursday, April 4 that his office seized 21 web domains that were being used by scammers in so-called ‘pig butchering’ schemes. — AP

A devious cryptocurrency scam called “pig butchering” that involves luring investors online into coughing up their savings in the hopes of big returns has cost New Yorkers more than US$10.5mil (RM49.83mil) over the past year, Brooklyn prosecutors said Thursday.

Brooklyn District Attorney Eric Gonzalez said “pig-butchering” operations reach out to their marks on social media, through dating apps, text messages and online chat groups and try to build a relationship before offering them big returns through a fake cryptocurrency website.