Scammers are mostly approaching their victims on social media and promising outlandish returns on investments.
Crypto scam apps have been able to bypass iOS and Android security in recent times with many “pig butchering” scammers trying to dupe users.
According to cybersecurity company Sophos, scammers usually approach their victims on social media or even at high-profile events flooded by people interested in cryptocurrencies. Usually, their promise is outlandish returns on their investment.
What’s Pig Butchering?
Pig butchering is a term that is used in the cryptocurrency industry to describe the act of selling an asset at a significant loss. This term is used in reference to the idea that when someone sells an asset at a significant loss, they are “butchering their pig” or “slaughtering their pig.” The term is often used in a derisive manner to refer to someone who has made a bad investment decision and has suffered a large loss as a result.
Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. It is a decentralized form of currency that can be used for transactions over the internet. This makes cryptocurrencies attractive to some people as they offer more privacy and security compared to traditional fiat currencies.
How to avoid being scammed in the crypto world?
Research: Before investing in any cryptocurrency, make sure to research the project and its team thoroughly.
Verify the website: Check if the website URL is spelt correctly and if it has a secure SSL certificate.
Avoid unsolicited offers: Be wary of unsolicited emails, messages or phone calls offering investment opportunities.
Use official sources: Only use official websites, exchanges and wallets to buy, sell or store cryptocurrencies.
Keep your private key safe: Store your private key in a secure place and don’t share it with anyone.
Be cautious of promises of high returns: High returns can be tempting, but cryptocurrencies are highly volatile and can fluctuate rapidly.
Report scams: If you suspect that you have fallen victim to a scam, report it to the relevant authorities as soon as possible.