Pig Butchering Scams

Definition ∞ Pig butchering scams are a sophisticated type of financial fraud where perpetrators cultivate long-term relationships with victims, often through social media or dating apps, before convincing them to invest in fraudulent cryptocurrency schemes. The scam typically involves an initial period of building trust, followed by encouraging small investments that appear to generate profits, and then progressively larger investments before the scammers disappear with all the funds. These schemes exploit emotional connections to defraud individuals.
Context ∞ Pig butchering scams represent a significant and growing threat in the digital asset landscape, leading to substantial financial losses for victims worldwide. Law enforcement agencies and cybersecurity experts are actively working to raise public awareness and develop strategies to combat these elaborate frauds. Future efforts will likely focus on international cooperation to disrupt criminal networks and improve mechanisms for victim recovery and asset tracing.