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FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country – Featured Bitcoin News

The Federal Bureau of Investigation (FBI) has reiterated its warning a couple of highly regarded crypto funding scam referred to as “pig butchering” that’s sweeping throughout the U.S. “Be very careful when you go on social media and dating apps and somebody starts developing a relationship with you,” cautioned an FBI specialist.

FBI Warns About Pig Butchering Crypto Scam

The Federal Bureau of Investigation (FBI) has renewed its warning about the “pig butchering” cryptocurrency funding scam. Frank Fisher, public affairs specialist at the FBI’s Albuquerque division, warned that the pig butchering crypto scam “is sweeping the country,” CNN reported Monday, quoting him as saying:

Be very cautious whenever you go on social media and relationship apps and anyone begins growing a relationship with you, and needs you to start out investing … Don’t get butchered.

In pig butchering schemes, scammers “fatten up the pig by getting the victim to think that they’re investing in something and get them to move money into cryptocurrency,” defined district lawyer Jeff Rosen of Santa Clara County, California. He added that criminals in the pig butchering schemes “fatten up” their victims’ digital wallets after which steal the money.

Rosen’s office manages a multi-agency activity power combating technology-related crimes. He famous that primarily based on the investigations carried out by his crew, these crypto funding scams sometimes function abroad, equivalent to in Cambodia and China.

The district lawyer warned that scammers are notably lively throughout the holidays as they usually prey on victims who could also be feeling lonely.

According to Rosen, pig butchering operations contain extremely refined strategies and scammers have been “trained by psychologists to try to figure out the best way to manipulate people.” He harassed:

You’re coping with folks which are going to make use of totally different psychological methods to make you susceptible and to get you curious about parting together with your money.

U.S. authorities warned in August that the pig butchering crypto scam is changing into alarmingly widespread. In November, the Department of Justice (DOJ) seized seven domains utilized in pig butchering schemes.

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Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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