Maryland Woman Loses $3,000,000 in Cryptocurrency Pig Butchering Scam

A Maryland woman recently fell victim to a sophisticated cryptocurrency scam, resulting in a loss of $3,000,000. The scam, known as "pig butchering," involved a fake trading platform that displayed an 80% profit margin, enticing the victim to invest more. The victim was initially contacted by a female scammer through a Korean messaging app. After spending several weeks gaining trust, the fraudster slowly asked for money, supposedly to invest in crypto for her, and showed an investment portfolio that looked real. The victim stated, “I put in over $3 million into this, and it showed that I was making almost maybe like 80% profit.”

As the victim's trust grew, more money was poured into the fake platform. The scam is part of a growing trend of cryptocurrency fraud, largely perpetrated by scammers in Southeast Asia. The FBI notes that scammers often allow their victims to withdraw a small portion of their money first to build trust. They also coach their victims on what to say in case law enforcement gets involved. FBI special agent Jeremy Capello warns that the targets tend to get victimized again. “They will have lost hundreds of thousands of dollars to this scam, and then they are contacted again by these same scammers pretending to be recovery companies, where they will tell the victim, ‘We can recover your cryptocurrency if you pay us a fee.’”

This incident highlights the risks associated with investing in cryptocurrencies, particularly through unregulated platforms. The scam underscores the importance of due diligence and the need for regulatory oversight in the cryptocurrency market. Investors are advised to exercise caution and conduct thorough research before investing in any cryptocurrency-related opportunities. The victim's experience serves as a stark reminder of the potential dangers lurking in the digital investment landscape, emphasizing the need for vigilance and informed decision-making.