The FBI recently issued an alert about this scam, warning online daters and people who just meet up in chat forums never to send money to or trade on the supposed advice of someone you haven't met and don't know. Eventually, their victim may want to take their profits, but it can't be done. In fact, they may be asked for more money to meet processing costs. While building trust, they get their target to plow increasingly more money into the venture. Also, they combine this with romantic conversations on the side. The crooks work his target long enough to get them interested in this “investment” strategy. Instead, the con artist talks about profits and losses they are making in cryptocurrency trading. However, the scammer never asks for money. Scambuster says at first glance the scam would appear to be a regular romance scam. The term “pig butchering” refers to first fattening up the hungry or in this case, let’s say greedy victim over an extended period of time-sometimes several months-before moving in for the kill. Worldwide the loses are estimated to be upwards of $8 million. One individual, who is identified as a Denver software engineer admitted to losing $1.6 million to the crooks. Victims have lost hundreds of thousands-even millions of dollars. While its new here, pig butcher was launched a couple years ago in China and it’s lucrative. The article states two of the fastest growing scams-dating and cybercurrency-have been merged into one. This info comes from the Scambusters, a non-profit online newsletter. ROCKFORD - There's a new scam from organized crime gangs dubbed as “pig butchering."
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