Pig butchering scam

Pig butchering scam
Simplified Chinese杀猪盘
Traditional Chinese殺豬盤
Literal meaningKilling Pig Plate[1]
Transcriptions
Standard Mandarin
Hanyu PinyinShā Zhū Pán

A pig butchering scam, a.k.a. "Sha Zhu Pan"[2] or Shazhupan,[3] (Chinese: 杀猪盘), translated as Killing Pig Plate,[1] is a type of long-term scam and investment fraud in which the victim is gradually lured into making increasing contributions, usually in the form of cryptocurrency, to a fraudulent cryptocurrency scheme.[4] They are commonplace on social apps. In October 2023, 12% of Americans using dating apps had been victims, up from 5% in 2018.[5] The scammer builds trust with the victim through online communication, subsequently persuading them to invest in a fraudulent cryptocurrency scheme. The "butchering" or "slaughtering" of the victim transpires when their assets or funds are stolen.[6]

The scam originated in China in 2016 or earlier,[7] and proliferated in Southeast Asia amid the COVID-19 pandemic. Perpetrators are typically victims of a fraud factory,[8] where they are lured to travel internationally under false pretenses, trafficked to another location, and forced to commit the fraud by organised crime gangs.[9]

  1. ^ a b "What is a 'Pig Butchering' Scam?". Tennessee Department of Commerce and Insurance. Retrieved 2024-07-25.
  2. ^ Wang, Fangzhou.
  3. ^ Santiago, Jan; Camba, Alvin (2024-02-15). "Why the US and China Should Work Together to Solve the Global Scam Crisis". The Diplomat. Retrieved 2024-07-20.
  4. ^ Cite error: The named reference trendmicro was invoked but never defined (see the help page).
  5. ^ Cite error: The named reference aura was invoked but never defined (see the help page).
  6. ^ "District of Massachusetts | United States Files Forfeiture Action to Recover Cryptocurrency Traceable to Pig Butchering Romance Scam | United States Department of Justice". www.justice.gov. 2024-03-13. Retrieved 2024-04-28.
  7. ^ Cite error: The named reference bjnews was invoked but never defined (see the help page).
  8. ^ Cite error: The named reference fincen was invoked but never defined (see the help page).
  9. ^ "The involuntary criminals behind pig-butchering scams". MIT Technology Review. Retrieved 2024-01-29.