TLDR
- Maryland woman lost over $3 million in crypto “pig butchering” scam
- Scammer contacted victim through Korean messaging app, built trust for weeks
- Fake investment platform showed 80% profits before total loss
- FBI warns victims are often targeted again by fake “recovery companies”
- As of January 2025, FBI has notified 4,323 victims with estimated savings of $285.6 million
A Maryland woman has lost over $3 million in a cryptocurrency scam known as “pig butchering,” prompting warnings from the FBI’s Baltimore field office about this growing threat.
The woman, whose identity is being protected, was contacted unsolicited through a Korean messaging app. The female scammer spent several weeks building trust before convincing the victim to invest in cryptocurrency.
“I put in over $3 million into this, and it showed that I was making almost maybe like 80% profit,” the victim told CBS News. She shared screenshots of what appeared to be legitimate investment platforms.
The scammer first directed the victim to the real Coinbase website before moving to other sites. This careful approach helped build credibility.
“When she got a lot more of my trust, more money would be poured in,” the victim explained. “Unless you know what you’re doing, you’re not going to be able to tell—especially if you’ve never done crypto before.”
How the Scam Works
The term “pig butchering” describes the process: scammers “fatten” victims by encouraging larger investments over time before “slaughtering” them by disappearing with all the money.
FBI special agent Sarah Lewis, who works in the Baltimore field office, learned about this victim through Operation Level Up, the bureau’s program targeting crypto scams.
Lewis noted that scammers coach victims on what to say if law enforcement gets involved. “When I spoke to her initially, she told me she wasn’t being scammed, and she gave me specific language I knew came directly from the scammer,” Lewis said.
The FBI warns that these scammers create convincing fake websites. “You would never know it’s a fake website,” said special agent Jeremy Capello.
A common tactic is allowing victims to withdraw small amounts initially. This builds confidence before the scammers take everything.
The victim admitted overlooking warning signs. “I actually did see a couple red flags, and I decided to ignore it because I just kind of told myself, well, I’ve got to trust this person,” she said.
Secondary Victimization
The FBI warns that many victims get scammed twice. After losing their money, they’re contacted by the same criminals posing as recovery services.
“They will have lost hundreds of thousands of dollars to this scam, and then they are contacted again by these same scammers pretending to be recovery companies,” Capello explained. These fake services charge fees to “recover” the lost cryptocurrency.
The emotional impact can be severe. In one Maryland case, a man in his 80s took his own life after losing his life savings to a similar scam on Facebook.
As of January 2025, the FBI has notified 4,323 victims of cryptocurrency investment fraud nationwide. About 76% were unaware they were being scammed. The bureau estimates it has saved victims nearly $285.6 million through early intervention.
Protecting Yourself
The FBI advises never responding to unsolicited messages and avoiding investments with unknown people or organizations.
Scammers typically avoid phone calls, preferring encrypted messaging platforms like WhatsApp.
The Maryland victim emphasized the importance of emotional support after such losses. “It’s money, and as hard as it is and how humiliating as it is and how hurtful as it is, it’s not worth your life,” she said.
FBI agents note that some scammers are themselves victims of human trafficking, forced to run these schemes from warehouses in Southeast Asia.
Victims of cryptocurrency scams should report incidents immediately to the FBI’s Internet Crime Complaint Center at ic3.gov. Quick reporting gives authorities the best chance of recovering any funds.
