“Pig butchering” scams acquired its identify from the concept scammers “fatten up” victims by constructing belief, and the technique has amassed billions in stolen funds—significantly within the type of cryptocurrencies.
Losses from funding scams soared 38% to a brand new document excessive in 2023, in response to the FBI’s Web Crime Report. Of the $4.57 billion in funds reported stolen, $3.96 billion concerned fraudulent crypto investments. So, why are these scams so profitable and what’s regulation enforcement doing about it?
Chapters:
0:00 – Intro
2:03 – What’s pig butchering?
4:40 – Tracing funds on the blockchain
9:12 – Outlook
Produced, Shot, and Edited by: Kaan Oguz
Animation: Christina Locopo, Jason Reginato
Managing Producer: Jordan Smith
Extra Footage: Getty Photographs
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How People Are Dropping Their Life Financial savings To Crypto Fraud
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