SHOCKING Cryptocurrency Scam: Man lost Rs. 1.8 Cr to next Bitcoin ‘pig butchering’ fraud

tech.hindustantimes.com:

In a shocking cryptocurrency scam, a US individual lost his entire life’s savings of $240K, or around Rs. 1.78 Cr, to a scammer who pretended to be his friend, but he just turned out to be a wolf in sheep's clothing. The scammer introduced him to cryptocurrency trading and gained his trust by helping him earn profits initially through it before scamming him off his life’s savings. This type of scam is also known as pig butchering scam. The man lost all his money after being persuaded in what was to be the next Bitcoin. Find out what it is and how you can save yourself from falling to a similar fate.

The victim posted about the incident on a reddit post. Going by the username ‘lendingaccount’, he shared the details of the scams and asked for help from the community. In his post, he said, “Does anyone have any advice for me? Anything would help.” Sadly, as cryptocurrency is not regulated and there is no financial authority that monitors these transactions added to the fact that crypto holders and traders operate with anonymity, nothing can be done to recover his money. If you are into trading in cryptocurrencies, Make sure you never fall for a similar crypto scam.

It all began for the individual after he received a random text from a woman asking him if he worked at a local animal shelter as she wanted to adopt a dog. The victim told her that she must have the wrong number as he belonged to a different State. However, unluckily for the victim, he too worked at an animal shelter and gave the woman some advice around adopting a dog. The duo seemed to hit it off and began to chat with each other regularly. A new crypto scam was emerging in the guise of friendship. This was the opening act of the pig butchering drama that was