The Federal Bureau of Investigation (FBI) has identified a new fraudulent scheme, which targets cryptocurrency investors. The agency wrote in a press release that the so-called "Pig Butchering" scheme entice victims to make purported investments in crypto providing "fictitious returns" to bait for additional investments.
Bad actors reportedly make contact with their victims and try to gain the victim's confidence and trust. Once victims ready to make first deposits, fraudsters send them fake websites through which they can track investments and give the impression that the investments are growing exponentially. The agency wrote:
"When the victims attempt to cash out their investments, they are told they need to pay income taxes or additional fees, causing them to lose additional funds."
The FBI called on investors to make sure they are confident about investments recommended by strangers on the Internet. Crypto investors should also double-check URLs and avoid downloading suspicious looking apps. The victims are encouraged to contact the Internet Crime Complaint Center (IC3) if they believe they've suffered from this scheme.
