Crypto
Crypto TLDR
- Maryland woman lost over $3 million in cryptocurrency “pig butchering” scam
- Scammer contacted victim through Korean messaging app, spent weeks building trust
- Fake investment platform showed false 80% profits to encourage further deposits
- FBI reports 4,323 victims nationwide as of January 2025, with $285 million saved
- Scammers often approach victims again as “recovery companies” requesting additional fees
A Maryland woman recently lost more than $3 million in a sophisticated cryptocurrency scam known as “pig butchering,” as reported by CBS Baltimore. The FBI’s Baltimore field office is now warning about this growing scheme that has cost numerous victims their life savings.
The victim, whose identity was protected by CBS, shared her story to warn others despite feeling embarrassed about the ordeal. She was initially contacted by a female scammer through a Korean messaging app who spent several weeks building trust before suggesting cryptocurrency investments.
“I put in over $3 million into this, and it showed that I was making almost maybe like 80% profit,” the victim told CBS. She admitted seeing red flags but ignored them because she had already invested so much money.
How The Scam Works
The scam follows a predictable pattern. Fraudsters, many based in Southeast Asia, make unsolicited contact with potential victims through messaging apps. They spend weeks or months developing a relationship and trust before introducing investment opportunities.
The criminals create convincing fake investment platforms that display impressive but fictitious returns. In this case, the victim was first directed to the legitimate Coinbase website before being taken to fraudulent sites.
“Unless you know what you’re doing, you’re not going to be able to tell—especially if you’ve never done crypto before,” the victim explained.
FBI Special Agent Sarah Lewis, who works in Baltimore’s field office, learned about this victim through Operation Level Up, the bureau’s program targeting these crypto scams. Lewis notes that scammers often coach victims on what to say if law enforcement contacts them.
“When I spoke to her initially, she told me she wasn’t being scammed, and she gave me specific language I knew came directly from the scammer,” Lewis said.
The term “pig butchering” describes the process. According to Lewis, “They find the victims: They fatten the pig by increasing the amount of money that the victim is depositing into this fraudulent account that they believe they’re investing in, and then the slaughter happens when the scammers disappear and the victim loses all of their money.”
Secondary Victimization
The FBI warns that many victims face a second wave of fraud. Special Agent Jeremy Capello explained that after losing money, victims are often approached again by the same scammers posing as recovery specialists.
“They will have lost hundreds of thousands of dollars to this scam, and then they are contacted again by these same scammers pretending to be recovery companies, where they will tell the victim,
‘We can recover your cryptocurrency if you pay us a fee,’” Capello said.
The deception is thorough. Of the websites criminals create, Capello noted
