Roughly two months ago (August 2024), MSN published an article on cryptocurrency fraud including the growing scam known as “pig butchering”. Here is the title of the article:
Crypto scams continue to drain Americans’ life savings
Below are snippets from the article:
One of the biggest moneymakers for these crooks is something called “pig butchering.” It’s exactly as nasty as it sounds.
Scammers fatten up their victims with flattery and fake relationships, then slaughter them by stealing their cash, usually in the form of crypto.
The FBI’s Internet Crime Report says losses from investment scams jumped by 38% in 2023, hitting a new record. Out of $4.57 billion reported stolen, $3.96 billion came from fraudulent crypto schemes.
The numbers speak for themselves. Back in 2018, Americans lost $12 million to crypto scams. Fast forward to 2021, and that number shot up to $680 million. By 2023, estimated losses had reached a sickening $2 billion.
And this is despite all the supposed improvements in security and awareness. As of mid-2024, scammers had already grabbed around $679 million in cryptocurrency.
It’s the second most popular way for fraudsters to get paid, just after bank transfers.
What’s even more disturbing is the demographic breakdown. If you’re between 20 and 49, you’re three times more likely to fall for these scams than older folks.
People in their 30s are the hardest hit, making up 35% of all reported fraud losses since 2021.
— Read the full article here: https://www.msn.com/en-us/money/other/crypto-scams-continue-to-drain-americans-life-savings/ar-AA1p34AN
If you believe that you were defrauded in a similar cryptocurrency or other trading scam, especially under the pretense of friendship or dating (romance), then the lawyers at Wyde & Associates, PLLC may be able to represent you.
Learn more about the scam here: Home Page
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