Cybernews.com has a story on another incidence of Pig Butchering…
As some youtube personalities with Chinese knowledge mentioned pig butchering refers to raising a pig to be ultimately butchered. So one plays the long game, where one befriends an opposite sex person with carefully cultivated stories. As the person slowly trusts the scam which initially is a romantic interest, at some point the start of monetary aspect gets introduced in the form of a crypto monetary investment. Initially one “makes money” but slowly as more and more money is inserted into the crypto currency exchange (which has aspects of fraud and fake setups). Then when it is decided that enough money has been taken (like in the neighborhood of $500k. Then the ‘pig gets butchered’ and the currency is stolen.
It is like raising the pig from a young piglet into an adult pig which then gets butchered: Pig Butchering!
This scam has been perfected in China and initially targeted Chinese. But as this went against some of the tenets of CCP corruption this scam is being perfected to lure western lonely single people with money.
This post from Krebsonsecurity.com discusses pig butchering as well(first time I saw this term):
In this example there was a $5 mil scam to a lonely older lady.
“The fraud is named for the way scammers feed their victims with promises of romance and riches before cutting them off and taking all their money,” the Federal Bureau of Investigation (FBI) warned in April 2022. “It’s run by a fraud ring of cryptocurrency scammers who mine dating apps and other social media for victims and the scam is becoming alarmingly popular.”
These scams have been honed in a competitive criminal environment (China) with a lot of people to attempt many different things. After a while this becomes a money maker for corrupted officials within the CCP. Especially now when the real estate crisis has pressured some local government as their tax revenue has dried up (with very few real estate sales).
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