Crypto 'Pig Butchering' Scams Steal $75 Billion from Victims Over 4 Years

"Pig butchering" crypto scams have stolen $75 billion from victims between January 2020 and February 2024.

Scammers build trust with victims before convincing them to invest in fake schemes and stealing their money.

Most funds were transacted in the stablecoin Tether and sent to exchanges in Southeast Asia.

Scam networks are likely run by human trafficking victims forced to work in compounds.

Without cryptocurrency and blockchain technology, it would be much harder for scammers to move this much cash.