Pig-butchering scams: how fake friends and fake trading apps steal savings

Last updated November 12, 2026

“Pig butchering” is the scammers’ own name for it: they “fatten up” a victim with weeks of friendship and fake profits before taking everything. These scams cost victims enormous sums every year, and many victims lose their life savings.

How it unfolds

1. The wrong number. It often starts with a text that seems sent by mistake, a dating-app match, or a friendly message on social media or LinkedIn.
2. The friendship. Over days or weeks, the stranger becomes a friend or romantic interest. They’re kind, successful, and attentive.
3. The tip. They mention they make money trading crypto, often with help from an uncle or mentor, and offer to show you.
4. The platform. They guide you to a trading website or app. It looks professional, but it’s fake. The scammers control it and the numbers on it.
5. The fake profits. Your balance grows quickly. You may even be allowed one small withdrawal, which builds trust.
6. The squeeze. You’re encouraged to invest more. When you try to withdraw a large amount, suddenly there’s a “tax,” “fee” or “verification deposit” you must pay first.
7. The disappearance. You pay, more fees appear, and eventually the platform and your “friend” vanish.

Check the math yourself

Scam platforms often promise or show 1% or more per day. Slide to see what that would really mean.

Warning signs

• Someone you’ve never met in person brings up crypto investing.
• They steer you to a specific platform that you can’t find through official app stores or well-known review sources.
• Returns are high and steady, with no losing days.
• They pressure you to invest more, borrow money or keep it secret from family.
• You can’t withdraw without paying first.

If it’s happening to you

1. Stop sending money, including any “fee” to unlock your balance. It won’t release anything.
2. Don’t tell the scammer you know. Just stop responding.
3. Save everything: chats, usernames, website addresses, wallet addresses and transaction records.
4. Report it. In the US, report to the FBI at ic3.gov and to the FTC at reportfraud.ftc.gov. Elsewhere, contact your national police or fraud center.
5. Beware recovery scams. After you report it, you may be contacted by “investigators” or “lawyers” who promise to recover your funds for a fee. That’s the same scammers coming back.