The Secret Service seizes websites related to the “pig slaughter” scam and cheats over $4.5 million Americans

The U.S. Secret Service in New York seized on a second network area, associated with an increasing number of cryptocurrency scams called “pig slaughter,” where scammers build trust with their victims and then filth their finances through fake crypto investment platforms.

The Secret Service reported that from November 2023 to March 2024, the use of the domain nft-uni.com was in a plan to deceive New York victims for $172,405.61. Other victims of the same website reportedly lost more than $4.5 million.

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“By grabbing the site, we are able to strike a blow to criminal organizations on a large number of people who are financially victimized, including members of our community and seniors across the country,” said U.S. Attorney John A. Sarcone III.

This is another area seized in May 2024 Okex-nft.net. Both locations are part of a larger action designed to attract victims into fake crypto investments that disappears once the funds are transferred.

What are pig slaughter scams and how do they work?

The “pig slaughter” scam is named after the process of using the scammers. Just like the obese pigs before the massacre, as time goes by, the victims are modified through false online relationships, but ultimately economically exploited.

Many people lose a lot in these types of relationships, including their lifetime savings and homes.

Scammers usually initiate contact via social media, dating apps, or messaging platforms. They have built friendly or romantic bonds and slowly introduced the idea of ​​investing in cryptocurrencies. Once trust is gained, the scammers send victims a link to a professional-looking but fake trading platform like NFT-UNI.com in the New York case.

In this case, the victims are considered to be participating in legal crypto investments.

After transferring funds as directed, these funds (more than $172,000) were quickly washed over through numerous bank accounts to hide the source and eventually became unrecoverable.

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The rise of pig slaughter

Pig slaughter scams are on the rise, especially as cryptocurrencies continue to become more mainstream and unregulated.

The FBI's Internet Crime Complaint Center (IC3) reported that the victims of investment scams lost more than $3.3 billion in 2022, and cryptocurrency-related programs represent $2.57 billion, an increase of 183% from the first $907 million last year. Many of these are slaughter cases.

In these cases, older Americans are specifically targeted. The FBI's 2023 senior fraud report pointed out that more than 60 people lost more than $3.4 billion in 2023, an increase of 11% over the previous year.

Tips to protect yourself from a pig slaughter scam

Keep these things in mind to protect yourself and your elderly loved ones from pig slaughter.

• Sceptic about unsolicited online relationships, especially when the conversation quickly shifts to financial opportunities.

• Verify any investment platform through independent research. If the website is not listed on FINRA's BrokerCheck or there is no verifiable company information, it may be false.

• Avoid using applications or websites recommended by strangers, even if they look professional.

• Never send money or cryptocurrency to someone you just met online.

• Report suspicious activity to the FTC or local law enforcement immediately.

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This article provides information only and should not be construed as advice. It is without any warranty of any kind.