A Pig butchering scam is a long-term, relationship-based investment fraud in which scammers cultivate trust with victims through fake romantic or personal relationships—often over weeks or months—before manipulating them into sending money to fraudulent cryptocurrency or investment platforms.
Also known as sha zhu pan (杀猪盘), the term originates from the metaphor of "fattening a pig before slaughter"—the scammer patiently builds emotional dependency before draining the victim financially.
How Pig Butchering scams work: The step-by-step anatomy
Pig butchering scams follow a disturbingly systematic playbook. Understanding each phase is critical for recognition and prevention.
Phase 1: The contact ("Finding the pig")
Scammers initiate contact through:
Dating apps (Tinder, Bumble, Hinge)
Social media (Instagram, Facebook, LinkedIn)
Messaging apps (WhatsApp, Telegram)
"Wrong number" text messages that seem accidental
The initial outreach often appears innocent—a misdirected message, a friendly comment on a post, or a match on a dating platform. Scammers use stolen photos of attractive individuals and fabricate detailed backstories, often posing as successful entrepreneurs, crypto traders, or overseas professionals.
Phase 2: The grooming ("Fattening the pig")
This is where pig butchering diverges from traditional scams. Instead of rushing to ask for money, the scammer invests weeks or even months building a genuine-feeling relationship. During this phase, they:
Engage in daily conversations about life, family, and dreams
Share fabricated personal stories and photos
Build emotional intimacy and romantic attachment
Gradually introduce their "successful" investment lifestyle
Show screenshots of supposed profits and luxury purchases
The victim genuinely believes they are in a real relationship.
Phase 3: The investment pitch ("Leading to slaughter")
Once trust is firmly established, the scammer introduces a "can't-miss" investment opportunity—typically involving:
Cryptocurrency trading platforms (fake exchanges that look legitimate)
Forex trading apps
Fake DeFi or liquidity mining schemes
The scammer claims to have insider knowledge or a proprietary trading method. They guide the victim through setting up an account on a fraudulent platform that the scammers control. Early "investments" often show impressive returns—which are entirely fabricated—encouraging the victim to deposit more money.
Phase 4: The slaughter
When the victim has invested a significant sum—often their life savings, retirement funds, or borrowed money—the endgame begins:
The fake platform freezes withdrawals
The victim is told they must pay "taxes" or "fees" to access funds
Each additional payment is met with new demands
Eventually, the scammer and the platform disappear entirely
The victim is left with catastrophic financial losses and deep emotional trauma
Pig butchering by the numbers: 2024–2025 statistics
The scale of pig butchering fraud is staggering and accelerating:
|
Metric |
Figure |
Source |
|
U.S. investment fraud losses (2024) |
$6.57 billion | |
|
Cryptocurrency-related fraud losses in the U.S. (2024) |
$9.3 billion | |
|
Year-over-year increase in investment fraud losses |
44% | |
|
Estimated on-chain revenue to pig butchering operations (2024) |
$3.6 billion+ | |
|
Pig butchering rank among all crypto scam types |
#1 by revenue | |
|
Average individual victim loss |
$177,000–$200,000+ |
GASO victim surveys |
|
Global estimated annual losses to pig butchering |
$75+ billion |
University of Texas at Austin / GASO |
|
People trafficked into scam compounds (Southeast Asia) |
200,000–300,000 |
UNODC / UN Human Rights Office 2024 |
|
Total U.S. cybercrime losses reported (2024) |
$16.6 billion |
According to Huntress threat research, small and mid-sized businesses are increasingly targeted as scammers pivot from individual victims to employees with access to company financial systems—blending pig butchering social engineering tactics with business email compromise (BEC) techniques. Huntress has documented cases where threat actors spent weeks building rapport with accounting staff before redirecting wire transfers.
Real-world examples of pig butchering scams
Example 1: The "wrong number" text
A victim receives a WhatsApp message: "Hey Jason, are we still on for dinner Saturday?" When the victim replies that they have the wrong number, a friendly conversation begins. Over three months, it evolves into a romantic relationship. The scammer eventually introduces a crypto trading app and guides the victim through an initial $500 investment that "grows" to $2,000 on screen. Encouraged, the victim invests $150,000 over the next two months before the platform locks their account.
Example 2: The LinkedIn professional
A financial professional receives a LinkedIn connection request from an attractive, successful-looking individual claiming to work in fintech overseas. After weeks of professional conversations that turn personal, the scammer shares their "side project"—a proprietary forex trading algorithm. The victim invests $300,000 across multiple deposits before realizing the trading platform is entirely fictitious.
Example 3: The forced scammer
Investigative journalist and YouTuber Jim Browning has produced groundbreaking exposés revealing that many pig butchering scammers are themselves victims—trafficked individuals forced to work in scam compounds across Southeast Asia under threat of violence. His investigations have penetrated the inner workings of these operations, showing the industrial scale of fraud factories in Myanmar, Cambodia, and Laos.
📺 Watch Jim Browning's investigation into pig butchering scam operations:
Jim Browning's YouTube Channel — Pig Butchering Investigation
Jim infiltrates scam call centers and pig butchering operations, exposing both the fraud infrastructure and the human trafficking that powers it.
The human trafficking connection
One of the most disturbing dimensions of pig butchering is the forced labor behind it. Thousands of workers—many lured by fake job postings in China, Taiwan, India, and other countries—have been human trafficked into scam compounds across Southeast Asia. Once there, they are:
Stripped of their passports
Forced to work 16+ hour days running scam scripts
Beaten or tortured if they fail to meet quotas
Sold between criminal organizations
The United Nations estimates that over 200,000 people have been trafficked into scam operations in Myanmar and Cambodia alone. This makes pig butchering not only a financial crime but a human rights crisis.
Who is most at risk?
Pig butchering scams target a broader demographic than most people assume:
Adults ages 30–49 report the highest losses (not elderly populations, as commonly believed)
Educated professionals are frequently targeted—doctors, engineers, and financial workers
Recently divorced or widowed individuals seeking new connections
Lonely or isolated people who are more susceptible to emotional manipulation
Crypto-curious individuals who lack deep knowledge of legitimate exchanges
Small business employees with financial access (emerging Huntress-tracked trend)
How to identify a pig butchering scam
Red flags to watch for:
Unsolicited contact from a stranger who quickly becomes emotionally invested
Conversations move off-platform quickly (from a dating app to WhatsApp or Telegram)
The person can never video chat or has no excuses for not meeting in person
They mention cryptocurrency, forex, or investment success casually and repeatedly
They guide you to a specific trading platform you've never heard of
Early investments show immediate, impressive returns
You're encouraged to invest more and told the window is closing
Withdrawal attempts are blocked by demands for additional fees or taxes
Reverse image searches reveal their photos belong to someone else
How to protect yourself and your organization
For individuals:
Never send money or crypto to someone you haven't met in person
Verify identities through video calls and reverse image searches
Research any trading platform independently—check the SEC, FINRA, and CFTC registries
Be skeptical of guaranteed returns—legitimate investments carry risk
Talk to someone you trust before making any investment recommended by an online contact
Report suspected scams to the FBI's IC3, FTC, and your local law enforcement
For businesses (per Huntress Threat Intelligence):
Use security awareness training to train employees on social engineering tactics that extend beyond traditional phishing
Implement multi-person authorization for wire transfers and large payments
Monitor for unusual communication patterns with external contacts
Establish clear verification procedures for changes to payment instructions
What to do if you're a victim
If you believe you've been targeted by a pig butchering scam:
Stop all communication with the scammer immediately
Stop sending money—additional payments will not unlock your funds
Document everything: screenshots, transaction records, wallet addresses, phone numbers
Report to law enforcement: FBI IC3, local police, and your country's fraud authority
Contact your bank or exchange to attempt to freeze or reverse transactions
Seek emotional support—victims experience significant psychological trauma; contact GASO for peer support
Beware of recovery scams—fraudsters often re-target victims by posing as fund recovery services
FAQs about pig butchering scams
Related cybersecurity and fraud terms
The psychological manipulation tactics that underpin pig butchering and other fraud schemes. Learn how attackers exploit human trust at every level.
Business Email Compromise (BEC) Guide →
A corporate fraud technique that shares DNA with pig butchering—using impersonation and trust to redirect financial transactions.
The broader category of digital asset scams, including fake exchanges, rug pulls, and pump-and-dump schemes that pig butchering operations exploit.
Phishing →
The foundational deception technique used across cybercrime, including the initial outreach stages of pig butchering operations.
The traditional category of relationship-based fraud from which pig butchering evolved—and how the two compare.
Human Trafficking in Cybercrime →
The forced labor operations behind pig butchering scam factories across Southeast Asia—an intersection of cybercrime and human rights abuse.
Identity Theft →
How stolen personal information and fabricated identities power pig butchering operations and other fraud at scale.
Endpoint Detection and Response (EDR) →
The security technology that helps organizations detect and respond to threats that accompany social engineering attacks, including malware delivered through scam communications.
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