Scams and fraud
Pig butchering scams: how a dating match or wrong-number text becomes a fake crypto investment
Quick answer
A pig butchering scam is a long-con crypto investment scam. A stranger, usually from a dating app or a wrong-number text, builds a friendship or romance over weeks, then coaches you to invest on a trading website or app they control. Your balance seems to grow, but the money is gone. When you try to withdraw, you're asked for taxes or fees. If someone you've never met in person is teaching you to invest, stop.
Key numbers
- $7.2 billionlost to crypto investment fraud reported to the FBI in 2025, the top source of losses, up 25% on 2024FBI IC3 2025 Internet Crime Report
- $10 billionestimated US losses to Southeast Asia-based scam operations in 2024, up 66%US Treasury, October 2025
- 127,271 bitcoinworth about $15 billion, targeted in the DOJ's forfeiture case against the Prince Group chairmanUS Department of Justice, October 2025
- £221.5mlost to investment scams in the UK in 2025, up 40%UK Finance Annual Fraud Report 2026
Your match is charming, successful and patient. After a few weeks of good-morning messages, they mention how well their crypto trading is going and offer to show you. Or it started with a text meant for "someone else", and the stranger turned out to be lovely to talk to. Now there's an app with your balance climbing, and you're wondering whether to put more in.
This is the most expensive scam in America. Crypto investment fraud was the top source of losses reported to the FBI in 2025, at $7.2 billion, up 25% on 2024, across 61,559 complaints. In the UK, investment scam losses rose 40% to £221.5m, according to UK Finance. The good news: the pattern is very consistent, and you can spot it before you lose anything.
What is a pig butchering scam?
A pig butchering scam is a crypto investment fraud where the scammer builds trust through a friendship or romance, then persuades you to "invest" on a fake trading platform they control. Every deposit goes straight to the criminals. The profits on screen are just numbers.
The name comes from a Chinese phrase used by the gangs themselves: victims are "fattened up" with attention and fake gains before they are "slaughtered" for everything they have. Many of these operations run out of scam compounds in Southeast Asia, where the US Treasury says people are often trafficked and forced to work the phones.
How does a pig butchering scam start on dating apps?
Most pig butchering scams start with an ordinary first contact on a dating app, social media, or a text that looks like it was sent to the wrong number. The scammer's job at this stage is simply to start a conversation.
On a dating app
The profile is attractive, well dressed, often in finance, tech, fashion or property. They move you to WhatsApp, Telegram or LINE within days. They rarely ask for money directly. Instead, money comes up as a lifestyle:
"Sorry for the late reply, I was checking my positions. My aunt works at an exchange and taught me a short-term strategy. I made $8,000 this week."
From a wrong-number text
"Hi Linda, are we still on for golf Saturday?"
"Oh sorry, wrong number! You seem nice though. I'm Amy, I live in Seattle. Where are you?"
Massachusetts' attorney general advises not replying at all to wrong-number texts, even to say "wrong number", because a reply tells scammers your number is active. Forward them to 7726 (SPAM) instead.
The pitch, a few weeks later
"I want us to build a future together. Let me help you, just start with $500 so you can see how it works. I'll tell you exactly when to buy."
What are the stages of a pig butchering scam?
Pig butchering scams follow the same five stages, and each one has a tell you can catch.
| Stage | What happens | The tell |
|---|---|---|
| 1. Contact | Match, follow or wrong-number text | Moves off the app fast |
| 2. Bonding | Daily chat, photos of a rich lifestyle, talk of a future together | Won't video call, or only briefly |
| 3. The tip | They show you their trading profits and offer to teach you | Uses an app or site you've never heard of |
| 4. Fattening | Small deposit, quick gains, sometimes a small withdrawal allowed | Pressure to deposit more, borrow, or use savings |
| 5. Slaughter | Account "frozen", taxes or fees required to withdraw | Paying more to get your own money back |
The small early withdrawal is deliberate. It convinces you the platform is real, so the next deposit is much larger. The FBI found that crypto-related complaints in 2025 had an average loss of $62,604.
Can I check who I'm really talking to?
Yes, and you should do it before you invest a single dollar. Pig butchering scammers use stolen photos and invented identities, so the person rarely survives a basic check.
- Reverse image search their photos with Google Lens or TinEye. Scam profiles often use photos stolen from models or influencers.
- Ask for a live video call and ask them to do something unscripted. Many scammers refuse, and some now use deepfake video.
- Look them up by name, job and city. Someone who says they're a trader in Seattle should have a findable work history.
- Check their phone number. An internet (VoIP) number or a foreign number that doesn't fit their story is a warning sign.
A Search A-Z dating match search covers steps 3 and 4. Enter the name and country they gave you, choose "Dating match", and add their phone number, city or company. The report shows how sure we are it's the right person, their current job, work history and public profiles, web and news mentions, any public scam or fraud warnings, and a phone check with line type (mobile, landline or VoIP) and fraud risk. They're never told you searched. If there's no real person behind the name, the report says so. Our guide to verifying someone from a dating app has the full checklist. You can also add up to 3 photos from their profile, and we reverse search them to show where else they appear online. For matches in the US, we also check the public sex offender registry.
How do I spot a fake crypto trading platform?
A fake crypto trading platform is one you were introduced to by a new contact, that isn't registered with a financial regulator, and that makes withdrawing difficult. Run these checks before you deposit anything, or now, if you already have.
- Ask how you found it. If the only reason you know this platform is that your match or new friend sent you the link, treat it as fake until proven otherwise.
- Check the domain age. Put the website address into ICANN Lookup. A "global exchange" whose domain was registered a few months ago is a classic sign. FinCEN lists recently registered and look-alike domains as red flags in its pig butchering alert.
- Check the regulator. US: search the firm on the SEC's Investor.gov and the CFTC's RED List of unregistered foreign firms. UK: crypto firms must be registered, so search the FCA Register and Warning List. EU: check your national financial regulator and IOSCO's I-SCAN investor alerts.
- Search the name plus "scam" and "withdraw". Victims often post the same platform names on forums.
- Look at how you'd contact them. No street address, only live chat or a Telegram "customer service" agent, is a red flag.
- Test a withdrawal before you add more. If you're asked to pay a fee, tax or "unlock deposit" first, the platform is fake.
- Guaranteed returns, or profits that only go up.
- Your contact tells you exactly when to buy and sell, and the "signal" always works.
- You're told to buy crypto on a real exchange like Coinbase, then send it to a wallet address they give you.
- The app isn't in the official app store, and you installed it from a link or a "profile".
- Withdrawal requires a "tax", "anti-money laundering deposit" or "account upgrade" fee.
- Your account is "frozen for suspicious activity" right when you ask for your money.
What's being done about scam compounds in 2025 and 2026?
US and UK authorities took their largest actions yet against pig butchering networks in late 2025, and enforcement has continued into 2026.
- October 2025: the US Justice Department charged Chen Zhi, chairman of Cambodia's Prince Group, with wire fraud and money laundering conspiracy, and filed to forfeit about 127,271 bitcoin, worth roughly $15 billion. The DOJ called it the largest forfeiture action in its history.
- The same day, the US Treasury sanctioned 146 targets in the Prince Group network, the UK announced its own sanctions, and FinCEN cut Cambodia's Huione Group off from the US financial system. Treasury estimated Americans lost at least $10 billion to Southeast Asia-based scams in 2024.
- November 2025: a federal Scam Center Strike Force was set up in Washington, D.C. By February 2026, IRS Criminal Investigation said its crypto freezes and seizures topped $580 million.
- January 2026: Cambodia arrested Chen Zhi and extradited him to China, CNN reported. China has no extradition treaty with the US, so the effect on the US case is unclear.
The FBI also runs Operation Level Up, which contacts people who are being scammed, often before they realize it. Since launch it has notified more than 8,000 victims. If the FBI calls you about this, it's real, but check by calling your local field office yourself.
What should I do if I can't withdraw my crypto?
If a platform won't let you withdraw, stop depositing immediately and don't pay any fee to unlock your account. That money is gone too, and it only funds the next demand.
- Stop all payments. Don't pay "taxes", "fees" or "margin". Don't borrow or take out loans for it.
- Stop talking to your contact about it. Don't warn them you know. Just stop sending.
- Save evidence: the platform's web address, screenshots of your account, wallet addresses, transaction IDs (hashes), chats and the contact's profiles and numbers.
- Tell your bank and the exchange you bought crypto on. They may be able to flag the receiving wallets, and your bank can protect your accounts.
- Report it. US: FBI IC3 (type the address in yourself) and the FTC. If you're 60 or over, the Elder Justice Hotline (1-833-372-8311) can help you file. UK: Report Fraud (it replaced Action Fraud), or Police Scotland on 101, and tell the FCA on 0800 111 6768. EU: your national police and financial regulator.
- Report the profile on the dating app or social network where you met.
UK bank transfers made by Faster Payments or CHAPS may be covered by mandatory reimbursement up to £85,000 if you report within 13 months. Crypto sent from an exchange is much harder to recover, which is why scammers insist on it.
What is a crypto recovery scam?
A crypto recovery scam targets people who have already lost money, offering to get it back for an upfront fee. The FBI received 10,516 recovery scam complaints in 2025, with $1.4 billion in reported losses.
The FBI has warned about fake law firms that know your exact losses and claim government partnerships, and about fake IC3 websites and fake FBI staff. The rules are simple: no law firm is an official partner of a US government agency, and IC3 never charges to recover funds. Anyone who asks you to pay to get your money back is running a second scam.
If you met the scammer through a match, our guide to romance scam warning signs covers how to spot the next approach.
The bottom line
If someone you've never met in person is teaching you to invest, it's a pig butchering scam until proven otherwise. Check the person and the platform before you deposit anything, never pay a fee to withdraw, and if you've already sent money, stop, save your evidence and report it today.
Frequently asked questions
What is a pig butchering scam?
It's a long-con crypto investment scam. A stranger builds a friendship or romance over weeks, then coaches you to invest on a fake trading platform they control. The gains on screen aren't real, and withdrawals are blocked with demands for taxes or fees.
Why is it called pig butchering?
The name translates a phrase the scam gangs use: victims are "fattened" with attention and fake profits before being "butchered" for their savings.
How do I know if a crypto trading platform is fake?
Warning signs include being introduced by a new online contact, a recently registered domain, no registration with the SEC, CFTC, FCA or your national regulator, customer service only by chat or Telegram, and fees required before you can withdraw.
Can I get my money back from a pig butchering scam?
Recovery is hard but not impossible. Report to the FBI's IC3 or your national police quickly with wallet addresses and transaction IDs, and tell your bank and exchange. Authorities have seized and frozen scam funds. Never pay anyone who promises recovery for a fee.
Do pig butchering scams start on dating apps?
Many do. Scammers create attractive profiles on Tinder, Hinge, Bumble and other apps, then move you to WhatsApp or Telegram. Others start with a wrong-number text or a social media message. Investing only comes up after weeks of chat.
How can I check if the person I'm talking to is real?
Reverse image search their photos, insist on a live video call, and look them up by name, job and city. A Search A-Z dating match search checks their job, work history, public profiles and phone line type, and they're never told.
What should I do if I replied to a wrong-number text?
Stop replying, don't click any links, and block the number. Forward the text to 7726 (SPAM) in the US or UK. If the conversation has turned to investing, don't send any money.
Sources
- FBI Internet Crime Complaint Center, 2025 Internet Crime Report
- US Treasury: US and UK take largest action ever targeting cybercriminal networks in Southeast Asia (October 2025)
- US DOJ: Chairman of Prince Group indicted (October 2025)
- IRS-CI: Scam Center Strike Force seizures top $580 million (February 2026)
- CNN via KXLY: alleged cybercrime kingpin arrested and extradited to China (January 2026)
- UK Finance Annual Fraud Report 2026
- FinCEN Alert on pig butchering (FIN-2023-Alert005)
- FBI PSA: fictitious law firms targeting crypto scam victims (August 2025)
- FBI PSA: scammers impersonating the IC3 (July 2026)
- FCA: Crypto investment scams
- Massachusetts Attorney General: wrong-number text scam alert
Figures are the latest published by each source when this guide was updated. Reported fraud losses are a floor: most fraud is never reported.