An increasing number of Americans are forfeiting substantial amounts of money to a ploy that dupes perpetrators over an extended period.

Termed “hog butchering” scams, these fraudulent activities are characterized by scammers using flattery and false bonds to “fatten up” their targets. This approach has led to the misappropriation of billions in funds, particularly in the realm of digital currencies.

Instances of financial scams spiked by 38% to a new peak in 2023, as per the FBI’s Internet Crime Report. Out of the $4.57 billion reported as stolen, $3.96 billion was associated with deceitful cryptocurrency investments.

“I encountered my swindler via a dating application named Bumble, where he engaged in a six-week courtship,” recounted Carina, a casualty of hog butchering who opted for anonymity by using only her first name.

Initially introduced on the platform Bumble, the individual in question purportedly led an opulent lifestyle and engaged heavily in digital asset investments. After extensive communication lasting months, the scammer convinced Carina to transfer a total of $152,000 to a website that mimicked the legitimate cryptocurrency exchange Kraken.

Ultimately, Carina traced the destination of her funds to an exchange platform in Thailand. While she reported the findings to authorities, she is yet to recover the stolen amount.

Hog butchering cons frequently involve coerced labor in Southeast Asia, as outlined in a United Nations report. Despite blockchain entities like Chainalysis tracing millions in purloined cryptocurrency, the diverse jurisdictional aspects of these cases pose challenges for law enforcement in retrieving the embezzled funds.

View the video above for insights into how digital currency deceivers are persuading Americans to relinquish their life savings and the efforts of law enforcement to combat such activities.