The U.S. Federal Trade Commission (FTC) has sounded the alarm about a growing threat to unsuspecting romantics: "pig butchering" scams, also known as romance scams involving cryptocurrency investments. These catfishing-inspired frauds have been plaguing citizens, resulting in significant financial losses amounting to millions.

The term "pig butchering" originates from the Chinese phrase Shāz Hū Pán and refers to the slow-burning, long-term nature of these scams. Scammers target victims online, using dating and social media sites to build a connection and gain trust. Once they have their prey, they "fatten up the pig" by convincing the victim to invest in cryptocurrency or other financial schemes.

The FTC warns that these scammers are masters of manipulation, establishing an emotional connection with their victims to make them more likely to believe they are experts in cryptocurrency investing. However, the online love interest is actually a scammer, and people have lost tens of thousands to millions of dollars to these romance scammers.

The scammers' goal is to get their hands on the victim's money quickly, often steering them towards gift cards, payment apps, money wiring companies, or cryptocurrency. But only scammers insist on using these methods, so it's crucial to be wary of such requests.

The Canadian Anti-Fraud Centre (CAFC) has also reported a surge in crypto scams targeting Canadian citizens, including pig butchering and investment scams. One victim, Shreya Datta, a 37-year-old tech professional from Philadelphia, lost $450,000 to a cryptocurrency romance scam.

The FBI's Internet Crime Complaint Center (IC3) has received over 4,300 complaints related to pig butchering, with cumulative losses surpassing $400 million. It is essential to spread awareness about these scams and educate people on how to avoid falling prey to them.

John Oliver's discussion on the popular internet scam highlights how easy it is to fall for these scams, making it crucial to be vigilant and informed. By understanding the tactics of these scammers, we can better protect ourselves and our loved ones from the devastating financial losses associated with pig butchering crypto scams.