New Cryptocurrency Schemes Warned by FBI

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New Cryptocurrency Schemes Warned by FBI

A public service announcement released by the United States Federal Bureau of Investigation (FBI), alerts of a cryptocurrency scheme the agency named "Pig Butchering." In this scheme, the scammers take on the persona of a reputable trader and/or a known contact to the victim (spoofed from dating applications or social media contacts) to offer tutelage in cryptocurrency investments. Once the victim has been enticed to participate, they make routine investments into a fictitious trading website or application where their funds with be collected. Scammers will provide metrics and visualization to mislead the victim into believing their investments are growing. The red flag comes later when victims attempt to withdraw their deposits only to learn they must pay additional fees for tax purposes. "The victims are unable to retrieve their purported investments and often lose contact with the fraudsters, either due to the closing of the fraudulent website or the fraudster ceases contact with the victim."

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