The fraud involves cryptocurrency, or digital currency that is exchanged over the internet rather than through a bank or other financial institution. It is known as “Sha Zhu Pan” in Chinese, which loosely translates to “pig butchering.”
According to Al, the “pig” in this case is the victim of the frauds as they are being set up for “butchering,” or being bled dry of their money.
Affidavit from 2023 pig butchering arrest: “The victims in pig butchering schemes are referred to as ‘pigs’ by the scammers because the scammers will use elaborate storylines to ‘fatten up’ victims into believing they are in a romantic or otherwise close personal relationship.”
“The scammer enrolls the victim in a cryptocurrency investment scheme once the victim has enough faith in them.”
Usually using social media or dating apps, or by making phone calls and sending texts that are meant to appear as though they were misdialed, the scammer utilizes a script to get in touch with the victim.
The scam artist builds rapport and confidence over time, sometimes even exchanging sexual images, before convincing the victim to invest in bitcoin with the promise of enormous returns.
Sometimes con artists even take their victims to websites that appear legitimate but are actually controlled by them.
