Fraudsters perpetrating “pig butchering” scams are turning to malicious decentralized finance applications to steal from unsuspecting victims.
Online criminals responsible for “pig butchering” scams are increasingly using fraudulent decentralized finance (DeFi) applications to steal from victims, a report from antivirus firm Sophos suggests.
As Cointelegraph previously explored, pig butchering scams have become lucrative for online criminals. In Nov. 2023, the United States Justice Department seized $9 million from a scheme that preyed on more than 70 U.S. citizens.
Pig-butchering scams involve criminals methodically building an online relationship with a victim, romantic or platonic, before convincing them to invest in a business or scheme. These schemes typically end in “rug pull” fashion, with the criminals stealing funds and cutting communication with victims.
