Binance Reports Over One Hundred Percent Spike in Pig Butchering Scams

Binance has witnessed a 100.5% surge in pig butchering scams reported from 2022 to 2023. To safeguard against scams, Binance shared vital tips on its blog for investors to stay vigilant and protected.

What Are Pig Butchering Scams?

Pig butchering scams target inexperienced investors, luring them with promises of high returns and trust-building tactics. Scammers vanish after victims invest more substantial amounts, leaving no way to recover lost funds.

Scammers’ Techniques:

Scammers employ various tactics, including social engineering, romance scams, Ponzi schemes, exit scams, and pump-and-dump schemes, to deceive victims.

Rising Scam Cases:

The rise of pig butchering scams aligns with an overall increase in investment fraud cases. In 2022, losses from investment fraud surged by 127%, with crypto-related scams contributing significantly.

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Binance shared a number of tips to stay safe and avoid pig butchering scams.

Binance’s Prevention Tips:

1. Skepticism: Be cautious of offers that seem too good to be true and verify with trusted sources.
2. Thorough Research: Investigate investment opportunities, individuals, and the market segment.
3. Credibility Check: Ensure proper licenses and authorizations of investment platforms.
4. Avoid Rushing: Don’t be pressured into hasty decisions; take time to understand the investment.
5. Complexity Alert: Beware of secretive or complex schemes, and seek transparency.
6. Protect Personal Info: Never share sensitive information with anyone, even if they claim to be trusted.
7. Skepticism of Unsolicited Offers: Be cautious of unsolicited offers, especially via email or messages.
8. Monitor Investments: Keep track of investments and maintain communication with platforms.

By staying informed and following these tips, investors can guard against pig butchering scams and ensure safer participation in the crypto landscape. For more tips read our article on how to keep your crypto safe.