A Boston man has become the latest victim of a so-called “pig butchering” scam. This phrase refers to a type of fraud that involves building a personal rapport with the victim before fleecing him or her. Such crimes are on the rise as newcomers untrained to spot fraud look for quick wins in the crypto markets.

Although crypto is increasingly used for this type of theft, it doesn’t have to be a component. The common denominator in pig butchering scams is a romantic element. Building trust on a false pretext, thus enabling the criminal to access the victim’s finances.  

Crypto Scam Involving a Fake Personal Relationship

According to a report by local media outlet WCVB, “Scott,” a man from South Boston, began an online relationship with another man. They talked extensively about various topics, including work, food, and a friend’s injury. Eventually, the topic turned to the trading profits of Scott’s online “friend.”

Scott said he refused to give the other man money. “So that’s when [the scammer] started saying ‘No, you don’t give it to me. You establish your own account, and I’ll guide you.’”

After making impressive returns on a small $500 investment, which he was able to withdraw, Scott eventually decided to bet $300,000. For those who have studied this type of fraud, the chain of events is all too familiar.

Now, Scott, despite having a million-dollar balance displayed on his account, could not access the funds. Each time he tried to withdraw, the scammer offered an excuse and asked for additional funds.

Victims Lured
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Author: Josh Adams

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