Pig Butchering Scams: How They Work and How to Protect Yourself

A new alert from the New York Attorney General sheds light on a growing cryptocurrency fraud that combines romance and investment tricks.

If you spend time on dating apps, social media, or messaging platforms, you may have encountered a friendly stranger who gradually steers the conversation toward cryptocurrency investing. That stranger could be running a “pig butchering” scam—a scheme that has cost Americans billions in recent years.

In February 2026, New York Attorney General Letitia James issued a consumer alert warning New Yorkers about a surge in these scams. While the alert is specific to New York, the advice applies anywhere. This article explains how the scam works, why it is so dangerous, and what you can do to avoid becoming a victim.

What Happened: Why the NY AG Issued an Alert

The New York Attorney General’s office reported an increase in complaints about pig butchering scams, where criminals build fake relationships to coax victims into investing in fraudulent cryptocurrency platforms. The term comes from a Chinese phrase describing how farmers fatten a pig before slaughter—scammers “fatten” their target with attention and fabricated profits before taking everything.

These scams often start with a seemingly innocent message on a dating app, Instagram, or even a wrong-number text. The scammer develops trust over days or weeks, then introduces an investment opportunity. Victims are directed to a fake trading platform that shows impressive returns. When they try to withdraw money, they face excuses, and eventually the scammer disappears with all funds.

According to the FBI’s 2024 Internet Crime Report, cryptocurrency investment scams accounted for losses exceeding $3.9 billion, with pig butchering being a significant component. The New York alert reinforces that this is a fast-growing threat.

Why It Matters: More Than a Typical Investment Fraud

Pig butchering is particularly damaging because it targets people emotionally and financially. Victims often lose life savings, retirement funds, or money borrowed from family. The emotional toll can be severe—victims may feel shame and reluctance to report.

What makes these scams effective is their sophistication. Scammers use professional-looking websites, fake testimonials, and even customer service chats to appear legitimate. They manipulate victims into sending cryptocurrency because crypto transactions are irreversible and difficult to trace.

Key red flags include:

  • Unsolicited investment advice from someone you met online.
  • Pressure to act fast because of a limited-time opportunity.
  • Promises of high, consistent returns with little risk.
  • Requests to pay in cryptocurrency only.
  • Reluctance to video call or meet in person.
  • The platform shows fake profits but prevents withdrawals.

Any combination of these should raise serious suspicion.

What Readers Can Do: Practical Steps to Protect Yourself

The best defense is skepticism. If someone you have never met in person starts talking about easy money through crypto, assume it is a scam.

Verify platforms before investing. Legitimate crypto exchanges are registered with financial authorities. Check the New York State Department of Financial Services or your local regulator’s list of approved entities. If the platform is not listed, do not use it.

Never send cryptocurrency to a stranger. Once the transaction is sent, you cannot get it back. Scammers will often start with small “test” withdrawals to build trust, then encourage larger deposits.

Do not share personal or financial information with someone you have only met online.

If you suspect you are being scammed, stop all communication immediately. Do not try to recover money by sending more—that is a common follow-up tactic.

Report the scam. In the United States, file a complaint with:

  • The FBI’s Internet Crime Complaint Center (IC3) at ic3.gov.
  • The Federal Trade Commission (FTC) at reportfraud.ftc.gov.
  • Your state attorney general’s consumer protection office. For New Yorkers, that is the NY AG’s office.

Warn others. Sharing your experience on social media or with local news can help prevent others from falling for the same scam.

Sources

  • New York State Attorney General, “Consumer Alert: Attorney General James Warns New Yorkers About ‘Pig Butchering’ Scams,” February 17, 2026.
  • FBI Internet Crime Report 2024 (published 2025).
  • Federal Trade Commission, consumer advice on romance scams and cryptocurrency fraud.

Use these resources to stay informed, and remember: if an online contact offers to make you rich, it is almost certainly too good to be true.