Hello guys, hope you all are doing well. I'm here to talk about a new scam in the crypto world that exploiting the newbies or elderly crypto users. As the ever growing crypto community facing certain problems from time to time from the scammers who wants to take advantage of the greedyness or not familiar with certain aspects of the crypto community. A new scam called "Pig Butchering" is on the rise in crypto community now-a-days.
Basically, the scammer first tries to establish a relationship with the victim then after sometime proposes an investment scheme to double the money in the crypto currency. An unfamiliar or newbie or elderly consumers of the crypto world are the target here, for some days the payments will be good and the scammers will create an illusion that the victim is getting a great margin of profits and encourages to invest more into the scheme. When the victim invests all his/her Crypto currency, the scammer will elope with the funds. It's basically fattening a pig before slaughter. That's why it is termed as "Pig slaughter".
Day by day the scammers are getting intelligent in finding new ways to scam peoples. The only limit is the scammers creativity. Everyone should be careful before making an investment into Crypto world due to this type of activities. One should gain the knowledge of the product they are about to use.
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