AFP Investigates Massive $4 Billion 'Pig Butchering' Scam Targeting Aussie Crypto Wallets
CryptoNewsTerminal Staff04 Aug, 2024
AFP Investigates Massive $4 Billion 'Pig Butchering' Scam Targeting Aussie Crypto Wallets
The Australian Federal Police (AFP) is actively investigating a sophisticated phishing scam that has resulted in the loss of billions of dollars in cryptocurrency from thousands of Australian victims. The investigation has uncovered a vast 'pig butchering' scam, where fraudsters manipulate victims into depositing their assets into fraudulent cryptocurrency wallets or websites controlled by the perpetrators. The AFP estimates that at least 2,000 Australian cryptocurrency wallets have been compromised, with losses totaling approximately $4 billion. 'Pig butchering' scams have become increasingly common, with fraudsters often establishing a rapport with victims through social media or messaging platforms. They gradually build trust and manipulate victims into making substantial investments in fraudulent cryptocurrency schemes. The AFP urges all Australians to be vigilant and cautious of any unsolicited investment offers or requests for personal information. Cryptocurrency scams can be extremely sophisticated, and it is crucial to verify the legitimacy of any investment opportunity before committing funds.
