My last few posts have centered around the awful scam known as Pig Butchering. I’ve talked about how a woman from California lost her retirement savings as well as a second mortgage to a Pig Butchering scam, to my most recent post about how a bank completely collapsed because their CEO fell to a Pig Butchering scam and you can read about that by clicking here.
Well, this post will once again talk about Pig Butchering, but this time it is good news. For once, it looks like justice is finally going to be served and one of the largest Pig Butchering schemes out there is going to be taken out which will greatly help prevent people from falling victim to these vicious scams.
Caught in Asia
A Chinese tycoon, who has been wanted by authorities in the United States, has actually been caught and will be extradited to China. What kind of charges or justice he’ll face in China is unknown at this time, but I imagine they will definintely enact some kind of punishment for his crimes.
Now how was he caught? Well, he was also a national of Cambodia and the Cambodian Government as well as the Chinese Government were working together to get him and bring down his criminal enterprise. According to the Justice Department in the United States, he had charges of money laundering as well as wire fraud after seizing well over 100,000 Bitcoin that is worth over $11 billion at that time.
This man created a large criminal emprire that involved multiple scam centers filled with people who were forced into it by what is known as labor trafficking which is a form of human trafficking. I remember that CNN once did an extensive article and investigation into this and it was quite shocking how people were lured into promises of great work and a better life only to be taken to a very remote location and forced into these scam centers to scam people by Pig Butching.
Failure to succeed or meet a certain quota would basically involve torture and other horrible methods until you were successful on victimizing people from other countries such as the US, Europe, and Australia just to name a few. This is another reason why Pig Butchering is one of the worst kind of scams. What will likely happen to these scam centers is they’ll be taken down/destroyed and hopefully the people forced into them will be able to go back home and be reunited with their loved ones. So what makes Pig Butchering so successful? I’ll talk about that next but in the meantime, you can read more about the arrest of that person by clicking here.
Cryptocurrency is the Mechanism of Pig Butchering
Earlier, it was mentioned that this Chinese Tycoon was able to steal well over $11 Billion and convert it over to Bitcoin which is cryptocurrency and the first crypto that has ever been created. I do have to mention though that a lot of cryptocurrency itself is not a scam as I myself have some LEGITIMATE investments into it. I have, however, done my research and found the right places to invest in it.
The problem right now is that cryptocurrency, overall, is very unregulated and so it is the easiest method to use to scam people and Pig Butchering generally uses a fake crypto platform to scam people though the victims are unaware that the money they are feeding into this are actually going to a very real cryptocurrency address that the scammers own, never to see that money again.
Some countries have begun to issue some sort of cryptocurrency regulation, but the United States is very behind in that area. They did fairly recently pass legislature that deals with what’s called stablecoins that are backed by either gold, silver, or fiat currency so that is a start. Until there is better regulation like what it is for stocks and other kinds of investments, Pig Butchering is going to continue to happen.
This biggest problem is that Bitcoin ATMs can be found in some malls but moreso in a lot of gas stations and convience stores. Pig Butchering isn’t the only scam that will use cryptocurrency to scam people as a lot of other scammers will tell people to go to the nearest Bitcoin ATM to deposit money in there and click done when they are finished depositing, not realizing that when they hit that done button, the money is gone forever.
So how can one avoid Pig Butchering? If you meet someone online and after awhile they start saying there is a great investment opportunity to make lots of money very quickly through cryptocurrency, you should run for the hills. They will usually provide a link they want you to click so that you can download an app or program that they say is legitimate, but once you open an account on it and start feeding it money, they will lie and say you’ve made profits and you need to put more money into it to make even more. As I’ve said before, when you try to withdraw the “profts”, that’s when you run into problems. Your account will be frozen and the person who told you to get into this is gone. Never ever click on a link someone provides without doing any kind of research first especially if you’ve never met them physically in person.
Please check on your loved ones, especially the elderly as they are the ones most prone to falling victim to these kind of scams. Over and over you see stories and videos of the elderly being victims and losing so much of their money that they worked most of their lives for. There are a lot of scams that go unreported because once the victim realizes what has happened, they are too embarrased or ashamed to say anything to anyone. They need to know that they are not alone in this.
I mentioned that I have invested in cryptocurrency and I truly did make some money from it thus far, but the question becomes, have I ever fallen for any cryptocurrency scams? The answer is yes and so you’ll definitely want to check back to tellerdefender.com soon as I will talk all about how I fell for two cryptocurrency scams in particular and what can be done to avoid them.