(InvestigateTV) — The U.S. Secret Service is warning about a crypto investment scam known as “pig butchering.”
Michael Peck, assistant special agent in charge with the U.S. Secret Service, said the agency continues to see a rise in the scams.
“Pig butchering today is the modern-day Ponzi scheme. It just uses crypto. If you think of butchering a pig, you start with a piglet then you fatten it up—you butcher it. Okay, so what we have is a number of bad actors throughout the world that are specifically putting out investment scams for cryptocurrency. They entice you to invest, you invest a small amount. Suddenly that amount explodes in value,” Peck said.
That early success can push people to invest even more. But when they try to take their money out, they may find the account was never real to begin with.
Peck said pig butchering is one of the fastest growing investment scams.
Peck said crypto can be especially effective for scammers because it can be hard for many people to fully understand.
“Crypto is complex. And we have, in the secret service, specialists that focus just on that, and I try sitting down with them and even I get confused,” he said.
“They’re capitalizing on people feeling that energy from making all this money –and they think that they’re doing so well. And then it’s gone,” Peck said.
To help protect yourself, Peck said start by ignoring random messages from people you do not know.
“If you’re getting a random text message, especially on crypted communications, that say ‘Hey, join our group to invest in-you know- whatever coin…get in early—you’re automatically getting scammed,” Peck said.
Peck also warned scammers may use personal details people share online to build trust and draw them in. If someone is offering quick, easy profits, that is another major red flag.
The Secret Service also warns people not to click on suspicious links tied to investment offers. Those links could lead to a phishing page or a fake site designed to look legitimate.
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