Pig Butchering Scams in New Zealand
How pig-butchering investment fraud has emerged as a major threat in New Zealand, with the FMA issuing specific warnings about crypto trading platforms targeting Kiwi investors.
Part of: Pig-Butchering Scams
Last reviewed: 1 June 2026
Pig butchering — or sha zhu pan — has been identified by the Financial Markets Authority of New Zealand as one of the highest-impact fraud types affecting New Zealanders. The country's high digital banking penetration, cryptocurrency adoption, and relatively affluent population make it an attractive target for internationally organised fraud syndicates.
New Zealand's geographic isolation and smaller financial literacy around sophisticated fraud tactics have historically contributed to victim vulnerability, though Netsafe and the FMA have significantly increased public awareness campaigns.
How this scam works on New Zealand
New Zealand victims are typically recruited via Facebook, Instagram, or LinkedIn by someone posing as a successful business contact or romantic interest. After weeks of conversation, they introduce a cryptocurrency trading platform that appears to show consistent returns.
Victims are guided through purchasing Bitcoin or USDT on legitimate New Zealand exchanges like Easycrypto or Swyftx, then transferring to the fraudulent platform wallet. The fake dashboard shows NZD-denominated profits. Withdrawal requests are blocked with tax or compliance fee demands.
The scale of individual losses in New Zealand pig butchering cases has been among the highest per capita globally, with some victims losing life savings accumulated over decades.
Common red flags
- Online contact introducing a cryptocurrency trading platform after weeks of social conversation
- Platform not registered as a CASP or financial service provider in New Zealand
- Instructions to purchase crypto from a legitimate NZ exchange and transfer to an external wallet
- Dashboard showing large NZD profits that cannot be withdrawn without additional fees
- Any mention of a 'profit guarantee' or consistently positive returns on a trading platform
How to protect yourself
- Verify all investment platforms on the FMA's register at fma.govt.nz before depositing
- Do not transfer cryptocurrency to platforms introduced by social media or dating app contacts
- Report any suspicious investment platform to the FMA before sending money
- Consult a registered financial adviser (RFA) before making any crypto investment decision
- Contact Netsafe at netsafe.org.nz if you are being pressured into an online investment
How to report it
- Report to the FMA at fma.govt.nz/contact with platform details
- Report to Netsafe at netsafe.org.nz
- Contact New Zealand Police at police.govt.nz if large sums were lost
Frequently asked questions
Which New Zealand cryptocurrency exchanges are legitimate?
Legitimate New Zealand crypto exchanges registered as Financial Service Providers include platforms like Easycrypto and Swyftx (Australian-based with NZ presence). Always check the company's FSP registration at fsp.companiesoffice.govt.nz. These legitimate exchanges are used to purchase crypto — the fraud happens when scammers direct you to transfer that crypto to their external platform wallets.