Pig-Butchering Scam

Pig-butchering (from the Chinese sha zhu pan — 'fattening the pig before slaughter') is a sophisticated, high-yield fraud that blends romance scam and investment fraud tactics. The fraudster contacts the victim via social media, dating app, or a 'wrong number' text, cultivates a weeks-long friendship or romantic relationship, and gradually introduces a cryptocurrency or forex investment opportunity on a platform the fraudster controls.

The victim makes small initial deposits and is shown spectacular 'returns', often can make small withdrawals to build trust ('the pig is fattened'). Once convinced, the victim deposits large sums. When they try to withdraw, they are told they must pay taxes, fees, or unlock charges. Eventually all access is cut off and the fraudster disappears with everything deposited.

Pig-butchering operations are frequently run out of criminal compounds in Southeast Asia staffed by trafficked workers. The FBI, FTC, and Interpol have all issued warnings. Victims often feel deep shame because the fraud exploits genuine emotional bonds. For regulatory purposes, pig-butchering losses are typically classed as investment fraud; consumers should report to the FBI IC3 and the FTC, and contact their bank immediately if any transfers went through conventional payment channels.