A retired government employee in Thailand fell victim to a crypto scam on Facebook, losing over $568,000 .
The scam, commonly referred to as “pig butchering,” exploited the retiree’s trust by utilizing a fabricated news anchor persona online, leading to a financial loss of around 20 million THB ($568,500) in just two months.
The “Pig butchering scam” is a sophisticated fraud that combines romance, investment, and cryptocurrency.
Scammers create fake profiles on dating apps, build trust with victims, and encourage them to invest in cryptocurrency trading.
They promise profits, show fake trading success, and convince victims to deposit more funds. When victims try to withdraw, scammers invent fees and disappear, leaving investments unrecoverable.
The term symbolizes building trust like fattening a pig, then stealing assets like butchering it.
How it happened
The scammer created a fabricated Facebook profile, assuming the identity of a news anchor to establish credibility.
Over time, the scammer initiated conversations and cultivated a brief relationship with the victim before introducing the idea of investing in cryptocurrencies.
The process which lasted for eight weeks saw the victim transfer about 20 million THB (about $568,500) across 33 transactions from multiple bank accounts.
However, the unease started when the retiree couldn’t access 10,000 THB (approximately $284) from his supposed returns.
As a result, the victim lodged a complaint with Thailand’s Cyber Crime Investigation Bureau on August 28th.
To further support the incident, the real news anchor, whose identity was exploited, joined the cause in the pursuit of justice.
Both Facebook and crypto scams serve as instances of online fraud that have escalated in recent years. Victims encompass not only individuals unfamiliar with the domain but also professionals who have fallen prey to such attacks.
Recently, the DEA was ripped off of over $55,000 in crypto from the funds it confiscated from another crypto criminal activity.