Pig-butchering investment scams

Long-con romance and friendship scams that lead victims to fake trading platforms. How they unfold, the warning signs, and what to do if someone you know is caught in one.

Last reviewed 2026-10-27 · 2 min read

On this page
  1. How it unfolds
  2. Warning signs
  3. If you or someone you know is involved

"Pig butchering" is the name used by investigators, including the FBI, for a type of investment fraud in which scammers spend weeks or months building trust with a victim before steering them into a fake crypto investment. It causes some of the largest losses of any scam type, and it is often run by organised groups on an industrial scale.

How it unfolds

  1. The wrong number or friendly contact. A message "by mistake", a dating app match, a professional networking contact, or a new friend in a group chat.
  2. Building a relationship. Daily conversation, photos of a successful lifestyle, shared interests. No mention of money at first.
  3. The investment story. The new friend mentions they make money trading crypto, gold or forex with help from an uncle, a mentor or a special platform.
  4. The fake platform. The victim is guided to a website or app that looks like a real trading platform. Small deposits show impressive "profits", and a small first withdrawal may even work, to build confidence.
  5. Bigger deposits. Encouraged by the profits, the victim invests more, sometimes borrowing money or using retirement savings.
  6. The trap closes. Withdrawals are blocked for "taxes", "fees", "verification" or "suspicious activity" that require yet another deposit. Eventually the platform and the friend disappear.

Warning signs

  • A stranger who contacts you out of the blue and quickly becomes very friendly.
  • They never meet in person and avoid live video calls, or calls are short and unclear.
  • They steer conversations towards investments and a specific platform or app.
  • The platform is not a well-known, regulated exchange, or the app was installed from a link instead of an official store.
  • Profits look unusually high and steady.
  • You must pay a fee or tax before you can withdraw.

If you or someone you know is involved

  • Stop sending money, including any "fee" to unlock a withdrawal. It will not be returned.
  • Keep records: chat logs, profile details, platform addresses, transaction IDs and wallet addresses.
  • Report it to the police and to national fraud reporting services. See where to report scams.
  • Beware of recovery offers. Victims of these scams are heavily targeted by fake recovery services afterwards. See recovery scams.
  • Be kind. Victims are often deeply embarrassed. Shame keeps people paying. Talking openly helps them stop.