A cryptocurrency scam that turned a small town against itself

Online scams are as old as the internet, but the rise of crypto has given con artists a valuable new tool — digital coins that can be transferred instantly, without oversight from banks legally obligated to monitor transactions for malfeasance. In 2023, crypto fraud cost American investors an estimated $4.8 billion, according to the F.B.I. The scams are so common that law-enforcement authorities have taken to calling them by a pithy name: Pig butchering, a rough translation of an expression widely used in China, where these scams have proliferated in recent years. The scammer’s victim is the pig, slowly fattened for slaughter. The scams typically begin with messages on LinkedIn, Facebook or WhatsApp from an unknown phone number or someone posing as a romantic prospect. Sometimes the conversations lead to business introductions, a connection to a banker or asset manager, with a slick headshot and a fictional résumé. The target is offered an investment opportunity, often backed up by a ... Read full article.