What Is a Pig Butchering Scam? Signs and What to Do

Pig butchering is a scam in which a stranger builds an online friendship or romance with you, then talks you into investing, often in cryptocurrency, on a fake platform that takes your money. The US Financial Crimes Enforcement Network, FinCEN, says the name comes from fattening a hog before slaughter: scammers call their victims "pigs". INTERPOL prefers "romance baiting", because the old term shames victims and can stop them coming forward.

FinCEN says these scams are largely run by criminal enterprises in Southeast Asia that use victims of labor trafficking to do the outreach. The UK's Report Fraud service groups it with romance fraud.

How pig butchering shows up

A message out of nowhere: a "hi, how are you?" text from an unknown number, as the FTC describes, or a match or friend request.
Friendship first, with the chat soon moved to WhatsApp or LINE. Once there's an emotional connection, investing comes up, as Scamwatch notes.
Talk of trading success. They pose as a successful crypto trader and offer to show you how, according to the FBI.
An unfamiliar website or app where your balance seems to grow fast.
A fee to get your money out: taxes or extra charges before you can withdraw.

An example of pig butchering

This is an invented example. A text asks, "Hi Amy, still on for dinner Friday?" You say it's the wrong number, they apologize, and you keep chatting for weeks. Then they mention an app where they've "doubled their savings" and help you make a small deposit. The balance climbs, but to withdraw, the app wants a 20% "tax" first.

Pig butchering vs. a classic romance scam

In a classic romance scam, the scammer asks for money for themselves: a medical bill, a ticket, a fee. In pig butchering they may never ask for money directly. They offer to help you make money, and you send it into what looks like your own account. The FTC's crypto advice covers both: never mix online dating and investment advice, and only scammers guarantee profits.

What to do if you've been targeted

Stop depositing, and don't pay a withdrawal "tax" or fee. That demand is part of the scam.
Contact your bank, crypto exchange or ATM operator now, as the FTC advises.
Keep the evidence: chats, usernames, the platform's address and each payment's details, which the FBI asks for.
Report it. In the US, to the FBI at ic3.gov and at ReportFraud.ftc.gov. In England, Wales and Northern Ireland, to Report Fraud or on 0300 123 2040; in Scotland, Police Scotland on 101. In Australia, to Scamwatch; IDCARE (1800 595 160) can help with a recovery plan.
Ignore offers to recover your money. Report Fraud warns that fraudsters sometimes return claiming they can.

Mirabu's Scam Detector reads a screenshot of a message for common scam scripts, payment requests and pressure phrases, as a signal rather than proof. See also romance scam warning signs and scam texts.

Sources

FinCEN issues alert on prevalent virtual currency investment scam commonly known as "pig butchering", FinCEN, September 2023
INTERPOL urges end to "pig butchering" term, cites harm to online victims, INTERPOL, December 2024
Cryptocurrency investment schemes, FBI Internet Crime Complaint Center, October 2022
Why it's not rude to ignore "hi, how are you?" text messages from strangers, FTC, June 2024
What to know about cryptocurrency and scams and What to do if you were scammed, FTC Consumer Advice
Romance fraud, Report Fraud (City of London Police)
Relationship scams and Report a scam, Scamwatch (ACCC)