How You Can Spot and Avoid 'Pig Butchering' Scams – BSC NEWS

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How You Can Spot and Avoid 'Pig Butchering' Scams – BSC NEWS

A new cryptocurrency scam called Pig Butchering targets victims and takes advantage of cryptocurrency systems to drain people of their life savings.
A new type of crypto scam is in the news these days, where victims are befriended through dating or social media apps and then tricked into investing in bogus investment schemes on fake crypto brokerage platforms. Thousands of “Pig Butchering” victims have been identified, with the average amount lost being over $150,000, according to Global Anti-Scam Org.
Pig Butchering scams began surfacing in 2020. The FBI’s Internet Crime Complaint Center issued an alert on Oct. 3, warning people to be wary of such schemes. In the U.S. alone, FBI’s Internet Crime Complaint Center estimated more than $429 million was stolen in 2021. Coinbase, too, has issued an alert urging customers to be vigilant.
Originating mainly from East Asian countries, the term Pig Butchering refers to how scammers “fatten” up the victim by showing eye-catching returns on their initial investments. This convinces them to deposit as much money as possible into fraudulent crypto accounts, before the “pig” is “slaughtered” by being frozen out of the funds.
ALERT: While pig butchering often uses romance as a tactic, scammers can also build other types of personal or professional relationships. Experts who are trained to manipulate their targets, making it is easy for someone to fall prey to this scam.⬇️https://t.co/dw4CvNH70j pic.twitter.com/3RDK308uQw
Also known as a “Crypto Romance” scam, targets are set up over weeks and months by befriending them via text message or social media. The scammers get victims to trust them, often by employing romantic or intimate talk, before they start bragging about the amount they earn from investing. Targeting single well-educated people via phony accounts with enticing pictures, scammers present themselves as successful traders/investors who can teach their new “friend” how to make incredible profits.
Scammer groups create phony websites/apps or sub-license the MetaTrader 4/5 brokerage software to create a fake crypto brokerage firm, and have even created fake liquidity mining pools.
Initially, victims are coaxed into depositing small amounts from which they make and can even withdraw profits, deceiving them into trusting the platform. Once the victim makes larger deposits, they are shut out of the platform or the entire website disappears. The phony platform levies an unending series of fees, taxes and charges meant to extract more money into the scammer’s wallet, before the scammer ends all contact with the victim.
Here’s a list of major pig butchering scams reported by the media in recent months:
The FBI has been investigating the scams to track down the culprits but it has proven difficult so far due to the nature of the bogus crypto platforms. Most victims are professionals between 30-40 with two-thirds of them women.
Local Traders’ tokenized P2P exchange will launch with many exciting features in the first quarter of 2023.
The release of Local Traders P2P Exchange will mark a new beginning in the P2P industry among other exchanges. Below is a breakdown of what Local Traders is bringing to facilitate the global P2P industry of crypto traders.
Apart from this, Local Traders CEO Mr. Abdul Rehman is dedicated to reaching new heights in the Billion dollar industry of P2P worldwide!
A peer-to-peer (P2P) exchange is a platform that allows individuals to buy and sell cryptocurrencies directly with each other without the need for a centralized intermediary. This means that transactions take place directly between users, rather than through a central authority. P2P exchanges often offer more privacy and security than centralized exchanges, as well as greater control over the buying and selling process.
LOCAL TRADERS is a first-of-its-kind multilingual P2P platform providing investment and crypto trading solutions for LATAM countries. Local Traders is all set to release its own tokenized P2P exchange with so many exciting features!
Where to find Local Traders P2P Exchange:
Website | Twitter | Linkedin| Medium | Telegram
The Floki community has a ton of sweet gear to acquire! Now the project can build a global branding army to help spread the gospel of Floki!
Get ready to strut your stuff around town in our new Floki gear! The new Floki merchandise store, Shop Floki, is live
The Shop Floki store went live on January 19 and opened with a wide selection of items for sale to people of all ages and their furry pets. The store has items available like shirts, hoodies, cell phone covers, pet gear, bags, and more. Floki notably teamed up with Binance Pay to facilitate payments in the marketplace.
Shop Floki is now live! 🔥

Shop Floki is #Floki's merchandise store where you can buy unique items and fashion pieces for yourself, your loved ones and your favorite pets.https://t.co/aMm4VdLwtt

What Viking merch are you getting? 🤔 pic.twitter.com/G0N750GhfV
The gear and items available in Floki’s new merchandise have prices that are not so steep too! Hoodies run for about $49, shirts as low as $19, and many smaller items under $30. For furry dog pets, there are dog bowls, collars, bandanas, and more!
Many users have already taken to Twitter to show off the gear they have purchased.
https://t.co/amtSdj497G is looking amazing I've already bought myself a couple of items including a dog collar which I had no idea was there.#Floki never stops building pic.twitter.com/SH8fDCKYnA
The Floki team has always placed a premium on marketing and brand exposure. The project has engaged in large public marketing campaigns in major cities around the world. Now the project will have myriad individual campaigners around the globe promoting the Floki brand.
Floki Inu began with a tweet from Elon Musk. When the billionaire announced he would name his Shiba Inu puppy Floki, it created a deluge of ‘Floki’ dogcoins. The most successful of these is Floki Inu. Floki Inu is currently the third most popular meme token on the market behind Dogecoin and Shiba Inu. It is backed by a community of committed enthusiasts and a strong marketing campaign.
Website | Twitter | Telegram | Discord

Signature Bank continues to reduce its exposure to crypto and its latest move is a major roadblock for Binance users.
Binance sent an email to inform users that all SWIFT transfers less than $100,000 will no longer be possible after February 1.
The email sent to users on January 21 explained the decision stems from Signature Bank, a banking partner, and that the world's largest exchange is seeking out a new partner to help facilitate payments.
Clarity via bloomberg https://t.co/sdoGZsPw0F pic.twitter.com/inGU6DlfdC
The news also caused a stir on social media in the hours after the release as the move looks like it will affect the millions of crypto users that Binance serves. Binance confirmed to Bloomberg that “0.01% of our average monthly users are serviced by Signature Bank.”
The move is not an outright ban on crypto transactions from SWIFT, but rather it appears that Signal Bank will cease operations. The announcement is a major hindrance to Binance users as it cuts off access to a major transaction service provider.
The demand Binancians place on the market as the largest crypto exchange in the world would indicate that another bank should be open to processing the transfers through Binance.
Signature is the only bank involved in the decision and Binance confirmed no other partners were affected.
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Website | Twitter | Discord | Telegram |
Smart contract oracle network Chainlink partnered with two climate-related projects, added a new BUILD program member and more!
As we embark upon the Year of the Rabbit, Chainlink is making its own luck in the crypto universe. This week, the dominant smart contract oracle network announced partnerships with two carbon credit-related projects, a Non-Fungible Token (NFT)-based strategy game, and a Decentralized Finance (DeFi) protocol on BNB Chain.
In this week’s roundup:
Etherisc is integrating Chainlink on the Polygon network to give the decentralized insurance protocol access to Floodlight’s weather data, enabling the creation of natural disaster insurance smart contracts.
The initial use case for the product is to provide insurance cover for the NFTrees initiative by Coorest, which allows entities such as farmers and forest preservation organizations to tokenize carbon offsets from their trees in the form of CC02 tokens.
.@etherisc is integrating #Chainlink to access @Floodlight_US's satellite data on-chain, enabling it to build a #Web3 natural disaster insurance solution on @0xPolygon.

See how projects like @CoorestOfficial can use Etherisc to mitigate disaster risk 🌍👇https://t.co/piXHBHBz5R pic.twitter.com/zhfFfXnOo4
The Etherisc policies will pay out USDC to cover the cost of replanting trees destroyed by natural disasters and the replacement of CC02 tokens.
📣 Welcome to the future of Climate Finance: @Etherisc is developing World's First🥇on-chain #CarbonOffset Insurance with @Chainlink @Floodlight_US and @CoorestOfficial on @0xpolygon

See for yourself 🌎👇 https://t.co/JOKswskDbY #ClimateChange #ReFi #decentralizedinsurance
OpenEarth Foundation, in collaboration with UC Berkeley, is releasing a Chainlink carbon pricing oracle to deliver accurate estimates of the social price of carbon to blockchains.
The oracle node is a key part of a carbon pricing web tool that OpenEarth is building with UC Berkeley. The tool will help companies set an internal price for their greenhouse gas emissions and implement solutions.
.@Open__Earth, in collaboration with @UCBerkeley & #Chainlink, announced the launch of a carbon pricing oracle to help unlock novel climate finance solutions.

See how on-chain carbon pricing models help organizations calculate the social cost of carbon ⬇️https://t.co/WOjIfxn4Jz pic.twitter.com/hbSMCpONiJ
Planet IX has joined the BUILD program to accelerate the adoption of its NFT-based strategy game.
The Planet IX Web3 game is set on a post-apocalyptic Earth, where land has been broken up into 1.6 billion parcels that can be owned as NFTs. The goal is for players to collect and restore these parcels. Players can combine the parcels, develop new technologies and influence the game itself through in-game corporations.
As part of BUILD, Planet IX will extend its use of Chainlink Services, such as VRF, and will newly integrate Automation. Planet IX will also gain enhanced access to new alpha and beta product releases, and to technical and community support
In return, Planet IX will commit a percentage of its total token supply to Chainlink service providers, including stakers.
🏗️ #ChainlinkBUILD 🏗️@Planetix0 has joined #Chainlink BUILD to help accelerate the adoption of its #NFT-based strategy game.

Get the full details👇https://t.co/kqWgNoyoBN pic.twitter.com/Yuzc9QAs6W
BNB Chain DeFi project EMP Money is integrating more Chainlink services to support its growing decentralized infrastructure.
Having integrated Price Feeds in May 2022, EMP Money is now integrating VRF to help randomize daily raffles and Automation to help distribute NFT reward pools.
According to the post, the integrations enabled EMP Money to price 6,896 NFTs accurately, save 80 engineering hours and reduce gas fees for users by more than $100,000.
.@EmpMoneyBSC has integrated #Chainlink Automation, Price Feeds, and VRF on #BNBChain to distribute rewards, display accurate prices, and power raffles.

Discover how Chainlink services help to increase the reliability and transparency of #Web3 projects.https://t.co/G6ZMYMcvgc
Last four weekly Chainlink Roundups:
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.
Website | Twitter | Docs | Community
The Founder of Pi Network explains the importance of human verification in the AI age while unveiling the protocol’s decentralized KYC solution.
Founder and Head of Technology at Pi Network, Dr. Nicolas Kokkalis, shared his thoughts about proving the humanity of people in a world shifting towards Artificial Intelligence (AI).
According to the lifelong technologist, digital communities need real people. Although AI-powered algorithms can grow the user base, they can be problematic. One problem is the huge prevalence of spam bots and fake accounts. One way of solving this issue is verifying human identity through Know Your Customer (KYC). Nicolas wrote explicitly about the Pi Network native KYC solution in his article.
Pi Network’s native KYC solution combines scientific and human truths using machine automation and human verification for accurate results. Machine automation processes images, extract text, detects fake ID, and compares images. Pre-approved individuals process human verification, ensuring that the creation of fake accounts is prevented.
Pi KYC boasts an autonomous human validation workforce in more than 200 countries, representing 92.6% of the global population. This measure helps sustain its large community, preventing spam accounts and fake Pioneers.
In summary, Pi Network has established a decentralized KYC solution to efficiently build a legally compliant crypto community in the AI age. The solution also offers privacy, global accessibility, and verification accuracy. Read Nicolas’ full article on the Pi Application for more information or through this link.
Pi Network is a novel cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining the device’s battery. Pi’s blockchain secures not only economic transactions via a mobile meritocracy system but also a full Web 3.0 experience where community developers can build decentralized applications (dApps) for millions of users.
Website | Twitter | LinkedIn | Facebook | Instagram |
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.

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