29 Apr How A Cryptocurrency Investor Lost $200K To A Pig Butchering Scam, Fights Back
This week in cybersecurity from the editors at Cybercrime Magazine
– Listen to the Cybercrime Magazine Podcast Interview
Sausalito, Calif. – Apr. 29, 2024
Brian Bruce, a logistics manager, unwittingly fell into the clutches of a pig-butchering scam, according to a post on Binace Square last summer. Bruce invested a substantial $200,000 in cryptocurrency. The catalyst behind this decision? An online acquaintance who had reached out on LinkedIn, promising tantalizing returns as high as 20 percent. Little did Brian know that this seemingly golden opportunity would soon turn into his worst financial nightmare.
The pig-butchering scam’s modus operandi is simple yet insidious. Scammers begin by building personal connections with potential victims on platforms like dating apps and social media. Once trust is established, they propose investing in cryptocurrency, enticing victims with quick initial gains. The victims are then guided to set up trading accounts on platforms like Coinbase, the first step into a web of deceit.
Bruce recently came on the Cybercrime Magazine Podcast and recounted his fascinating story, and loss, with our host Melissa O’Leary.
Cybercrime Magazine is Page ONE for Cybersecurity. Go to any of our sections to read the latest:
- SCAM. The latest schemes, frauds, and social engineering attacks being launched on consumers globally.
- NEWS. Breaking coverage on cyberattacks and data breaches, and the most recent privacy and security stories.
- HACK. Another organization gets hacked every day. We tell you who, what, where, when, and why.
- VC. Cybersecurity venture capital deal flow with the latest investment activity from various sources around the world.
- M&A. Cybersecurity mergers and acquisitions including big tech, pure cyber, product vendors and professional services.
- BLOG. What’s happening at Cybercrime Magazine. Plus the stories that don’t make headlines (but maybe they should).
- PRESS. Cybersecurity industry news and press releases in real time from the editors at Business Wire.
- PODCAST. New episodes daily on the Cybercrime Magazine Podcast feature victims, law enforcement, vendors, and cybersecurity experts.
- RADIO. Tune into WCYB Digital Radio at Cybercrime.Radio, the first and only round-the-clock internet radio station devoted to cybersecurity.
Contact us to send story tips, feedback and suggestions, and for sponsorship opportunities and custom media productions.
