The FBI Miami Field Office, in coordination with the Internet Crime Complaint Center (IC3), warns of investment schemes involving cryptocurrency, called Pig Butchering. In this scheme, fraudsters, posing as highly successful traders in cryptocurrency, entice victims to make purported investments in cryptocurrency, providing fictitious returns to encourage additional investments.
The fraudsters make contact with their victims on various social media or dating applications (either spoofing long-lost contacts known to the victim or posing as a potential friend or romantic partner) and often spend time gaining the victim’s confidence and trust. The victims are then coached through the investment process and encouraged to make continuous deposits by the fraudsters.