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What Is a Pig-Butchering Crypto Scam?
This scam, also known as a romance or crypto grooming scam, starts with someone you meet online—often on a dating or social app. They build trust, share fake success stories about crypto profits, and eventually ask you to invest. Once you do, they disappear with your money.
This manipulation is called “pig‑butchering” because scammers focus on wealthy white people (pleasantly referred to as “pink skins”) fattening you with trust before “slaughtering” your savings.
Scam in Action: Real Canadian Context
In 2023, the Canadian Anti‑Fraud Centre (CAFC) reported $309 million in investment fraud alone—a record high. Many scam victims lost completely, with losses sometimes exceeding $1 million per person.
How the Scam Unfolds
Trust Building
The scammer begins with friendly messages, often using attractive photos and romantic language.Fake Investment Setup
They suggest investing in cryptocurrency—setting up fake apps or websites that show “gains.”Financial Horror
As you invest more, withdrawal requests are blocked or come with sudden fees. Eventually, the scammer vanishes.
How Big Is the Problem?
A University of Texas study found over US $75 billion stolen worldwide in pig‑butchering scams (2020–2024).
In 2024 alone, these scams grew 40% compared to the previous year, with deposits up 210%
Why Canadians (Especially Seniors) Should Care
Scammers exploit emotional trust and tech confusion.
Seniors are often targeted due to loneliness or less digital literacy.
Ear-education and awareness are essential—especially as crypto usage grows among older adults
How to Stay Safe
According to the Information Security Branch of British Columbia (OCIO) in their recent post:
“How to spot and avoid Cryptocons” The rise in these scams is expected to continue, and soon you or someone you know will be targeted. Educate yourself on how to detect and neutralize these scams with the following tips:
Be skeptical.
- Be cautious in every situation. Don’t rely solely on the advice of someone you met over the internet or who is claiming to be someone you know. These scammers will claim to have guaranteed returns on investments and promises of good fortune. If something seems too good to be true, it probably is.
- Research before you commit. Before you invest in anything, do some research on what you’re about to invest in.
- Does it make sense?
- Is the exchange platform they want you to use legitimate?
- Many of these scammers will direct you to fraudulent exchange sites that their scam syndicate owns.
- Check the domain registration of the site.
- Does any of the information on it look fishy?
- Educate yourself on how crypto works. Learn about the industry of digital currency before investing in it. An educated investor is unlikely to fall for fraudulent investments.
- Check the domain registration of the site.
- Know who you are working with. Don’t ever engage in business with someone you’ve never met face-to-face. Even if the person you think you are in contact with claims to be someone you used to know from the past, verify that it’s them.
- If they avoid video calls, meeting in person, can’t recall information from your past that they should know, and cut contact immediately.
- Many scammers will try to impersonate someone from your past. Always make sure you are talking to the person you think you are.
- Verify the investment company. Verify if investment companies are registered with provincial securities agencies through the National Registration Search tool: Aretheyregistered. “
What to Do If You’ve Been Targeted
Report to the Canadian Anti-Fraud Centre.
Contact RCMP Seniors Safety.
If money was lost, talk to your bank and check holding structures.
Reach out to support groups such as Operation Shamrock for scam victims.
