How Americans Are Losing Their Life Savings To Crypto Fraud

“Pig butchering” scams got its name from the idea that scammers “fatten up” victims by building trust, and the strategy has amassed billions in stolen funds—particularly in the form of cryptocurrencies.

Losses from investment scams soared 38% to a new record high in 2023, according to the FBI’s Internet Crime Report. Of the $4.57 billion in funds reported stolen, $3.96 billion involved fraudulent crypto investments. So, why are these scams so successful and what is law enforcement doing about it?

Chapters:
0:00 - Intro
2:03 - What is pig butchering?
4:40 - Tracing funds on the blockchain
9:12 - Outlook

Produced, Shot, and Edited by: Kaan Oguz
Animation: Christina Locopo, Jason Reginato
Managing Producer: Jordan Smith
Additional Footage: Getty Images

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How Americans Are Losing Their Life Savings To Crypto Fraud