(MENAFN- AsiaNet News) A Philadelphia-based tech professional, Shreya Datta, fell victim to a devastating Cryptocurrency romance fraud known as the "pig butchering" scam, resulting in a loss of $450,000 or approximately Rs 4 crore and leaving her burdened with significant debt. This sophisticated scheme involves the use of deepfake videos and advanced scripting, creating an illusion of trust and affection similar to fattening hogs before slaughter, ultimately leading victims to invest in fraudulent schemes.
Datta's involvement in the scam began innocently on the dating app Hinge, where she encountered "Ancel," a purported French wine trader in Philadelphia. The exchanges transitioned to WhatsApp, with "Ancel" strategically deleting his Hinge profile to focus solely on Datta, creating a false sense of devotion. Their interactions, filled with selfies and video calls, concealed the deeper manipulation at play.
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"Ancel" exploited Datta's vulnerabilities, including her recent divorce, while fabricating elaborate retirement plans funded by cryptocurrency investments. Datta, under his influence, downloaded a seemingly legitimate crypto trading app and invested her savings. Despite initial success, suspicions arose when the app demanded a personal "tax" for withdrawals.
Only after Datta's London-based brother uncovered "Ancel's" true identity as a German fitness influencer did the extent of the deception become apparent. Dating platforms, plagued by disinformation and AI-generated profiles, provide fertile ground for such scams. The FBI reported over 40,000 victims losing $3.5 billion to cryptocurrency fraud, a figure likely underreported due to victims' shame.
What is pig butchering" scam?
The "pig butchering" scam involves a fraudster posing as a friend or romantic interest, deceiving individuals into providing funds for fictitious investments, job offers, and other schemes, only to vanish with the money later. The term reflects the strategy of luring victims into a false sense of security before exploiting them.
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Scammers use fake profiles to build trust, feigning affection and companionship to manipulate victims into sending money for fake job offers and high-yield investments, ultimately absconding with the funds. These scams have a global reach and inflict significant financial losses on unsuspecting individuals.
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