Cryptocurrency Investment Fraud (Pig Butchering)
The #1 fraud category by losses in 2024 per FBI IC3 ($6.57B) and FTC ($5.7B). 'Pig butchering' involves building a fake romantic or friendship relationship over weeks, then convincing victims to invest in fraudulent cryptocurrency platforms that show fake returns before disappearing with all funds.
Reports
41,557 IC3 complaints 2024; $6.57B
First documented
2019
Last active
2026-03
⚠ This page documents a reported scam pattern for educational purposes. Sources are cited for all statistics and claims. ZeroScam is not affiliated with the FTC, FBI, or FCC.
What the scam says
Contact via social media, dating app, or wrong-number text. Scammer builds trust over weeks, mentions a profitable crypto trading platform. Victim makes small investments that show fake returns. Scammer encourages larger investments. When victim tries to withdraw, they're told to pay 'taxes' or 'fees' first. Platform then disappears.
5 red flags
FBI IC3: cryptocurrency investment fraud caused $6.57B in losses in 2024 — up 47% from 2023
FTC: investment scams were the #1 loss category at $5.7B in 2024
Unsolicited contact that quickly shifts to investment advice is the #1 red flag
Platforms showing unrealistically high returns with no withdrawable funds
Requests to pay 'taxes' or 'unlock fees' to withdraw are definitively fraudulent
What to do
Stop all contact immediately — do not pay any 'withdrawal fees'
Report to FBI IC3 at ic3.gov — this is their top priority category
Report to FTC at reportfraud.ftc.gov
Contact your bank if you transferred money — FBI Financial Fraud Kill Chain may recover funds
Report this scam
Source
FBI IC3 2024 Annual Report — #1 fraud category by losses ($6.57B); FTC Consumer Sentinel 2024 ($5.7B investment scam losses)
https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf ↗People also search for
Frequently asked questions
What is the Cryptocurrency Investment Fraud (Pig Butchering)?▼
The #1 fraud category by losses in 2024 per FBI IC3 ($6.57B) and FTC ($5.7B). 'Pig butchering' involves building a fake romantic or friendship relationship over weeks, then convincing victims to invest in fraudulent cryptocurrency platforms that show fake returns before disappearing with all funds.
How do I recognize a Cryptocurrency Investment Fraud (Pig Butchering)?▼
Red flags: FBI IC3: cryptocurrency investment fraud caused $6.57B in losses in 2024 — up 47% from 2023; FTC: investment scams were the #1 loss category at $5.7B in 2024; Unsolicited contact that quickly shifts to investment advice is the #1 red flag.
What should I do if I receive a Cryptocurrency Investment Fraud (Pig Butchering)?▼
Stop all contact immediately — do not pay any 'withdrawal fees' Report to FBI IC3 at ic3.gov — this is their top priority category Report to FTC at reportfraud.ftc.gov
How common is the Cryptocurrency Investment Fraud (Pig Butchering)?▼
41,557 IC3 complaints 2024; $6.57B. First documented: 2019. Source: FBI IC3 2024 Annual Report — #1 fraud category by losses ($6.57B); FTC Consumer Sentinel 2024 ($5.7B investment scam losses).
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Check your message →Source: FBI IC3 2024 Annual Report — #1 fraud category by losses ($6.57B); FTC Consumer Sentinel 2024 ($5.7B investment scam losses)
First documented: 2019 · Last active: 2026-03
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