Pig-Butchering Scam Kits Are for Sale in Underground Markets
- ‘DeFi savings’ latest iteration of fraud targeting vulnerable
- ‘Pig butchering’ operations started in China but now spreading
The name “pig butchering” refers to the process of fattening up victims with flattery and companionship before leading them to a potential financial slaughter.
Photographer: Malte Mueller/fStop/Getty Images
Cybercriminals are selling the latest evolution of pig-butchering schemes in ready-to-go kits on the dark web, lowering the barrier to entry for scammers around the world, according to a report published Friday by cybersecurity firm Sophos.
In traditional pig-butchering scams, which originated in China and blew up during the pandemic, criminals pretend to cultivate a romantic or personal relationship with victims through dating apps or social media. After gaining their trust over weeks of virtual conversations, the fraudsters manipulate them into investing in phony cryptocurrency investments. Once the criminals squeeze as much digital currency as they can out of the victims, they take off with the funds, sometimes robbing innocent people of their life savings.