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Many still see cryptocurrency as a “get rich quick” scheme, where they can put a few dollars in and take out 10 or 100 times their money, ideally as soon as possible.
Griffin’s recent research found ‘pig-butchering’ cryptocurrency scammers—referring to the notion of feeding a pig before slaughter—likely stole $75 billion from victims worldwide between ...
Car insurance in America now costs a stunning $2,329/year on average — but here’s how 2 ... Common scams include fake initial coin offerings (ICOs), which entice victims to purchase worthless ...
A pig butchering scam (in Chinese sha zhu pan [2] or shazhupan, [3] (Chinese: ĉçŞç), translated as killing pig game) [1] is a type of long-term scam and investment fraud in which the victim is gradually lured into making increasing contributions, usually in the form of cryptocurrency, to a fraudulent cryptocurrency scheme.
This would ultimately be surpassed by the Wall Street Market exit scam of 2019, which had $14.2 million worth of cryptocurrencies stolen just before the site was seized by the authorities. [9] Prosecution is difficult due to the anonymity offered by the darknet. The damage caused by exit scams is estimated to exceed $4.3 billion in 2019. [10] [11]
Save the Kids was additionally credited as one of the focus examples for the growing trend of cryptocurrency scams, to which more than $80 million has been lost so far mostly from younger audiences buying into the currencies simply from the hype. [5] [10]
Pig butchering cost Americans $5.6 billion last year. The term, used by scammers to describe crypto investment schemes, was especially apt in 2023, as losses increased 45% over the 2022 totals ...
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