HK Woman Loses HK$2 Million in Crypto Pig-Butchering Scam

A recent case in Hong Kong highlights the growing threat of crypto scams, particularly the 'pig-butchering' variety. In this type of scam, scammers build trust with victims by feigning a romantic interest or friendship before luring them into investing in fake cryptocurrencies.

The victim, a woman in her fifties, was targeted on Instagram (IG) after being followed by the scammer. The scammer quickly established a rapport with the victim, posing as a 'crypto investment expert' and offering advice on cryptocurrency investments.

Tragically, the victim was convinced to transfer over HK$2 million to the scammer's e-wallet, which was then used to purchase USDT (Tether) at physical exchange stores. This type of scam is known as 'pig-butchering' because scammers repeatedly demand small amounts of money from victims, much like a butcher separating meat from bones.