What is a Pig Butchering Scam?

A pig butchering scam is also known as “sha zhu pan” or “sha zu phan” in Chinese, which literally translates to the “killing pig game”. It is a prolonged type of fraud or investment scam, in which the victim is repeatedly manipulated into investing more and more money or cryptocurrencies.

The scam often takes place on social apps, like dating apps. Put shortly, the scammer builds trust and forms a close relationship with the victim, gradually persuading them to invest in a cryptocurrency scheme that turns out to be fraudulent.

Once the scammer has extorted substantial amounts of funds from the target, they will transpire or run away with the bag of money, also known as the “butchering” or “slaughtering” process.

Pig Butchering Scam In-Depth

A pig butchering swindler would begin by crafting a fake identity on Instagram, WhatsApp, or other social media accounts.

Often, they would use a stolen photo of an attractive individual. Their profiles are carefully curated, showcasing images of their lavish lifestyle to make them appear credible to potential victims.

As the conversation progresses, the scammer’s next move is to “steal the victim’s trust” by openly sharing fabricated personal details.

However, that sense of trust will only be “slaughtered” at the end. They often begin shifting the conversation to cryptocurrency investments, even going so far as boasting their success by sharing fabricated screenshots from their brokerage account to further trap the victim.

It is not rare that they weaponize the personal details gathered from the victim for financial extortion, particularly if the target refuses to comply. The victim may be instructed to create an account on their online brokerage platform, which, unbeknownst to them, is a complete scam.

Unfortunately, most of the victims don’t realize that the whole setup is a snare, only discovering the truth after their investments have vanished into thin air. In fact, a study estimates that more than $75 million has been drained from victims’ pockets due to pig butchering frauds from 2020 to 2024.

The Origin of Pig Butchering Scams

The so-called pig butchering scam first emerged around 2016 and is believed to have originated in China. In its early forms, it was considered a regional crime, with fraudsters using social engineering techniques to lure victims (often on dating platforms or social media) into long-term, emotionally manipulative relationships.

With the onset of the COVID-19 pandemic, this scam expanded beyond China into Southeast Asia. Sihanoukville, Cambodia, once known for tourism and gambling, became a major hub for these operations. Organized crime networks established bases in Cambodia, Myanmar, Laos, the Philippines, and Thailand.

A particularly disturbing aspect of this crime is its reliance on human trafficking. Many perpetrators are themselves victims, forced to work in fraudulent call centers after being tricked, abducted, or sold into servitude. The UN Human Rights Office estimates hundreds of thousands have been caught up in these schemes.

Originally involving traditional currency transfers, pig butchering has evolved to use cryptocurrencies, complicating efforts to trace and recover funds. Investigators increasingly rely on blockchain analysis to identify patterns and link illicit transactions to specific addresses.

Victims come from all walks of life. To stay safe, be wary of sudden online approaches, romantic or otherwise, and avoid sharing personal or financial information with strangers, no matter how genuine they may seem. By recognizing these red flags, individuals can protect themselves from becoming the “pig” that these criminal operations seek to “butcher.”