Replying to a stranger’s message online could be the first step toward losing most of your life savings in a “pig butchering scam,” one of the most widespread types of scams involving cryptocurrencies and conventional fiat money.&nbsp;
More than $75 billion was stolen worldwide through this type of scam, <a data-ct-non-breakable="null" href="https://time.com/6836703/pig-butchering-scam-victim-loss-money-study-crypto/" rel="nofollow noopener" target="_blank" text="null" title="https://time.com/6836703/pig-butchering-scam-victim-loss-money-study-crypto/">according</a> to a recent University of Texas at Austin study.
In our latest video, we dive into this alarming trend, sharing the real-life stories of Daniel and Jose, two individuals who were targeted by scammers and suffered significant financial losses that left lasting impacts on their lives.
However, this dangerous scam not only targets people’s finances — it also preys on their trust and emotions.
Throughout the video, we explain how scammers operate by slowly gaining their victims’ trust through unsolicited messages, often pretending to be someone they are not.
By interviewing crypto investigators and scam experts, we uncover the fraudsters’ psychological techniques, which include creating a false sense of urgency and making their targets feel they need to act fast or miss out on a once-in-a-lifetime opportunity.
These offers usually seem too good to be true — because they are.
Besides pointing out the red flags you should be looking out for to avoid these scams, we also explain what victims can do to recover their stolen funds (spoiler: not much).
Watch&nbsp;the <a data-ct-non-breakable="null" href="https://www.youtube.com/watch?v=t06mVWz6ngM" rel="nofollow noopener" target="_blank" text="null" title="https://www.youtube.com/watch?v=t06mVWz6ngM">video</a>&nbsp;on our YouTube channel, and don’t forget to subscribe!&nbsp;

Inside pig butchering scams: Crypto victims share their stories

Cointelegraph

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