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A recent report by The U.S. Sun highlights the growing threat of cryptocurrency scams known as “pig butchering,” a type of fraud that combines online relationship manipulation with fake investment opportunities.
According to the report, a New Jersey IT professional lost approximately $280,000 after being contacted through Facebook and persuaded to invest in what appeared to be a profitable cryptocurrency platform. Over time, the scammer built trust before convincing the victim to transfer funds. When he later attempted to withdraw the money, the platform became inaccessible.
Cybersecurity experts say these scams often involve months of communication designed to build emotional trust before victims are encouraged to make larger financial investments.
Bezalel Eithan Raviv, CEO of Lionsgate Network, noted in the coverage that cryptocurrency fraud continues to grow due to the speed and global reach of digital assets, which can make stolen funds difficult to recover once transferred.
Experts recommend verifying online relationships and investment opportunities before sending funds, especially when cryptocurrency transactions are involved.
