As covered in past editions, crypto scams rarely end. They go quiet, resurface, and return more dangerous than before. Just like the Inferno Drainer campaign earlier this year, another dangerous name is back in the headlines: Pig Butchering - a large-scale social engineering crypto scam.

It first surfaced in 2019, rose sharply during the pandemic, and briefly faded in visibility. But in 2025, it returned with upgraded infrastructure. Since April 2025 alone, the scam has triggered millions in new theft, with confirmed breaches affecting individuals, investment firms, and entire crypto projects.

According to the FBI, Pig-Butchering scams cost U.S. victims over $3.3 billion in 2022 alone. Analysts from Chainalysis and Elliptic show the campaign now stretches across Asia, Europe, and North America.

Where and How It Happens

By early 2025, pig-butchering operations diversified across multiple social platforms. While Telegram remains the central communication hub, initial contact now often begins on WhatsApp, Instagram, LinkedIn, dating apps, and professional investment groups.

Fraudsters usually open with ordinary conversation - a “wrong number” text, a friendly message on Instagram, or a professional introduction on LinkedIn. Over days or weeks, they build trust before introducing crypto or “portfolio” topics.

Investigations by Elliptic and TRM Labs show that many 2025 clusters use AI-assisted chat scripts to maintain parallel conversations with hundreds of victims. Depending on the target, scammers present themselves as:

• Romantic partners: through WhatsApp, Telegram, or dating platforms like Tinder.

• Investment mentors or traders: through LinkedIn or Telegram groups.

• Professional acquaintances: in crypto-related forums or message boards.

Once trust forms, the victim is invited to test a “crypto trading” or “investment” site - often a visually perfect clone of legitimate exchanges. Deposits show fake profits; withdrawals are then blocked or gated by false “tax” or “service-fee” prompts.

Interpol and Europol reports confirm that many of these platforms are run from fraud compounds in Cambodia, Myanmar, and Laos, where trafficked workers are forced to conduct large-scale online scams (Interpol Briefing, Apr 2025, Europol Bulletin, May 2025).

Confirmed Damage After the Return

Since mid-2025, Pig Butchering scams have surged again, producing verified multi-region damage:

• March 2025 - Willimantic, Connecticut (USA): A Willimantic resident was conned through a long-term crypto-investment scam. State police traced the transfers through an illegitimate trading site and recovered $180,000 of over $225,000 lost.

• September 2025 - Hawaii-Connected U.S. Ring: Federal investigators sought to seize $868 000 in crypto linked to a romance/investment ring after one Hawaii resident’s $1.3 million loss was traced through layered shell wallets and fake platforms.

• October 2025 - Global Pig-Butchering Network (Cambodia-U.S. Operation): The U.S. Department of Justice announced the seizure of roughly $15 billion in bitcoin tied to a transnational pig-butchering network run from Cambodia by Chen Zhi (“Vincent”) of Prince Holding Group. It became the largest crypto-asset forfeiture in U.S. history, exposing industrial-scale trafficking and forced-scam operations.

How to Stay Safe from Pig-Butchering Scams:

1. Treat Unsolicited Conversations as Attack Surfaces

Scams often start with a casual “wrong-number” text or LinkedIn message. Stay within verified app chats and don’t move off-platform. Reverse-image search profiles via Google Lens or TinEye, and cross-check usernames on NameCheckup.

2. Verify Every Platform Before Funding

Fake exchanges mirror real ones perfectly. Check domains through who.is, DNSlytics, or Shodan. Validate links and wallet addresses on ScamAdviser or Chainabuse.

3. Follow the Blockchain, Not Screenshots

Scammers show fake profit dashboards; confirm transactions yourself on Blockchain.com. For deeper tracing, use Elliptic Lens or TRM Forensics.

4. Watch for Emotional Engineering

Trust building, routine chatting, and sudden “exclusive investment” offers are scripted tactics. Awareness of tone mirroring and timing manipulation is as protective as any technical control.

5. Preserve Digital Evidence Immediately

Save chat logs, wallet IDs, and URLs before blocking the contact. This data enables investigators and exchanges to trace funds. File reports at Chainabuse.com.

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