Pig Butchering Scam

Pig Butchering Scams are a growing online financial fraud targeting individuals globally, including India.

What is a Pig Butchering Scam?

Also known as a "sha zhu pan" scam, it's a type of online investment fraud where scammers create fake personas to lure victims into fraudulent schemes. The term "pig butchering" refers to the scammers' process of building trust over time before exploiting and stealing their victims' money.

How the Scam Works

1. Initial Contact: The scammer ("host") initiates contact online through social media, dating apps, or misleading messages.
2. Building Trust: The host establishes a false friendship with the victim ("pig"), often encouraging them to explore cryptocurrency trading.
3. Fake Trading: Using a fraudulent trading app, the host creates an illusion of profitable trades to gain the victim's trust.
4. Fattening the Pig: As trust grows, the host convinces the victim to invest more money, setting them up for the scam's final stage.
5. The Slaughter: When the victim attempts to withdraw their funds, the fraudulent platform either freezes or charges more, exposing the scam. Recovering lost funds is extremely difficult due to the nature of blockchain transactions.

Blockchain Technology

1. Blockchain technology is a secure, transparent system for recording and sharing information across a network.
2. It stores data in interconnected blocks, making it virtually impossible to alter or delete information without network consensus.
3. This immutability is a key feature in various applications, including tracking transactions and ensuring data integrity.

Protecting Yourself from Pig Butchering Scams

1. Be cautious of unsolicited online contacts and investment offers.
2. Thoroughly research any investment platform before using it.
3. Be wary of promises of high returns with little risk.
4. Never share personal or financial information with someone you don't know and trust.
5. If you suspect you've been targeted by a scam, report it to authorities immediately.

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