According to an official release, Tenable, a exposure management company, explained the workings of the pig butchering scam, shedding light on how fraudsters exploit investments in Bitcoin, Ethereum, Litecoin, and spot gold to defraud unsuspecting victims. It is believed that two-thirds (66%) of Indians have fallen victim to an online dating or romance scam in the past year with 81% of them experiencing financial loss.
It is believed that Satnam Narang, senior research engineer, Tenable, conducted a research spanning from the end of 2022 into early 2024. His work included the tactics employed by pig butchers, whose schemes blur the lines between romance and investment scams.
“Pig butchering scams, while operating under the guise of romance and friendship, have proven to be vastly lucrative enterprises for fraudsters, enabling them to steal significant sums of money from victims worldwide,” Narang, explained.
Sources revealed that in India, cases pertaining to cryptocurrency fraud worth $2.4 billion are under investigation. The Union government is planning on enacting a legislation that regulates cryptocurrencies, as per insights from the official release.
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