'Pig Butchering' Scam Uses Fake Romance to Trick Victims into Losing Life Savings to Cryptocurrency Fraud
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The text describes a new type of cryptocurrency romance scam called "pig butchering" where fraudsters build relationships before tricking victims into fake crypto investments. Losses are estimated in the billions.
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The scam often starts innocuously on dating apps before moving to WhatsApp or other platforms and using deepfake videos and tactics to build trust and emotional connection.
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A tech professional named Shreya Datta lost $450,000 in savings and retirement funds after months of fake romance with a scammer posing as a French wine trader named "Ancel."
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Datta was manipulated into investing more money after seeing initial fake returns, before realizing "Ancel" was using stolen images and she lost everything.
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The trauma faced by victims like Datta is extreme, with concerns over self-harm, as there is often little chance of recovery and victims feel ashamed.