A Santa Monica resident fell victim to a sophisticated romance scam known as “pig butchering,” losing $740,000 in a cryptocurrency investment scheme with a woman he met online. The scam involved a long con where scammers pose as romantic partners, gaining trust and love before financially exploiting their victims. This particular victim was lured by promises of significant profits on cryptocurrency trades recommended by his love interest, “Jenny.” Despite red flags and pressure to invest more money for tax payments, he eventually realized he had been duped and contacted law enforcement.
This type of scam has devastated families, wiped out retirement savings, and led some victims to suicide. The scheme, which originated in China as “sha zhu pan” in 2019, has since become a global threat, targeting vulnerable individuals, particularly Chinese-speaking immigrants. California alone has seen losses of over $1.1 billion to cryptocurrency investment scams.
Authorities have made some strides in combating these scams by targeting local players in the network and seizing millions of dollars in funds from pig butchering operations. However, the complexity of these schemes, run by organized crime syndicates, presents challenges for law enforcement in recovering stolen funds.
In a recent testimony before Congress, a deputy district attorney highlighted the devastating impact of pig butchering scams and called for a national strategy to address this growing issue. The scammers behind these operations often find themselves trapped in a cycle of exploitation, working long hours to defraud victims and facing physical abuse if they fail to meet quotas. Despite the efforts of law enforcement, many victims continue to fall prey to these sophisticated and patient scammers.
Source
Photo credit www.dailynews.com
