👋 Need to work with us? CryptoSlate is hiring for a handful of positions!A San Francisco Examiner report has revealed that two tech-savvy people had been victims of an elaborate crypto rip-off that led to the lack of $2.5 million.The report revealed that the rip-off approach utilized by these malicious gamers is called ‘pig slaughtering.’A pig slaughtering rip-off often begins on relationship platforms or social media, the place the scammers get in contact with their victims. Preliminary interactions concentrate on constructing belief and a relationship with the sufferer, which may take weeks or months.The scammer convinces his sufferer to spend money on crypto, often by way of a reproduction model of an actual crypto platform or by convincing them to ship funds to a pockets handle.One of many victims, who most well-liked to be recognized as Cy, misplaced $1.2 million after two months of correspondence with the scammers. Even perhaps stranger is the case of R, who mentioned the scammer approached her on LinkedIn and received her over with an expert profile and being an alumnus of the identical tech college she graduated from in China.The dialog quickly moved to WhatsApp, the place the scammer labored her for a month earlier than convincing her to ship funds to a crypto web site. She misplaced $1.3 million. Talking on her ordeal, she mentioned:I by no means thought it may occur to me as a result of I take advantage of tech. I’ve written software program.The Federal Bureau of Investigation has alerted individuals to the prevalence of this kind of crime. In April, it despatched out a warning about romance scams and pig slaughtering, claiming it obtained over 4,300 complaints in 2021.An investigator with cybersecurity firm, Sift found that 1 in each 20 individuals she interacted with on relationship apps within the San Francisco space was concerned within the rip-off -an indication of how these scammers have been concentrating on a selected set of individuals.Posted In: U.S., Crime, ScamsGet an Edge on the Crypto Market 👇Turn into a member of CryptoSlate Edge and entry our unique Discord group, extra unique content material and evaluation. On-chain evaluation Worth snapshots Extra context Be part of now for $19/month Discover all advantages