Chinese womans are dumped into crypto fraud

6/27/2022, 03:05 AM
Chinese womans are dumped into crypto fraud
In China and other parts of the world, thousands of people have lost their life savings to cryptocurrency fraudsters who have adapted to authorities trying to crack down on the so-called "pig butchering" scam.
In the scam, victims are "fattened up" through online romances and then encouraged to invest in cryptocurrency. The scammer then disappears, leaving the victim with heavy losses.
The scam has been on the rise in recent years, as Bitcoin prices have soared and more people have become interested in investing in cryptocurrency.
victims often have little recourse and must take matters into their own hands. In one case, a victim decided to confront her scammer and discovered that he, too, was a victim of fraud.
Authorities have warned people to be cautious of offers of high-paying jobs in Cambodia, as this is often a tactic used by trafficking groups to entice victims.
Read the hole, detailed story in the Financial Times.