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What is a pig butchering scam? How fake crypto investments trap victims

By SendPay Business · · 2 min read

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A pig butchering scam is a long con where a scammer builds a friendship or romance online, then talks the victim into investing in crypto through a fake platform. The name comes from the idea of fattening up a victim before taking everything.

How the scam unfolds

  • A stranger makes contact, often by a 'wrong number' message, dating app or social media.
  • They build trust over days or weeks and mention their success with crypto.
  • They guide the victim to a fake trading app or website that shows big profits.
  • When the victim tries to withdraw, they're told to pay fees or taxes first, and the money never comes back.
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Warning signs

Someone you've never met in person bringing up investing, guaranteed or unusually high returns, pressure to move to a private app, platforms you can't find reliable information about, and requests for fees before you can withdraw.

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If it happens

Stop sending money, keep records of messages and payments, contact your bank or payment provider straight away and report it. In the UK, reports go to Action Fraud. Be wary of anyone offering to recover lost funds for a fee.

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Where SendPay fits

SendPay platforms let your customers buy, sell and hold crypto, held with regulated partners, alongside GBP, EUR and USD accounts and branded Visa cards.

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How it works

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Why sign up

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  • Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

How can I spot crypto scams?

Common tricks and red flags to watch for.

Crypto scams →
What is APP fraud?

Being tricked into sending a payment to a scammer.

APP fraud →
What is a rug pull?

A crypto project whose creators vanish with the money.

What is a rug pull? →

Read next

Spotted a mistake or something out of date? and we'll fix it. How our guides are made

This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.