Pig Butchering Scams: Warning from New York Attorney General and How to Protect Yourself

If you have received an unsolicited message from a stranger who later suggests you invest in cryptocurrency, you may be the target of a “pig butchering” scam. The term comes from the practice of fattening a pig before slaughter—here, scammers spend weeks or months building a relationship with you, gain your trust, and then convince you to pour money into a fake investment platform. Once you deposit enough, they disappear with everything.

The New York Attorney General’s office recently issued a consumer alert about the rapid increase in these scams across the state. Because they combine elements of romance fraud and investment fraud, they can be particularly convincing and financially damaging. Below we break down what happened, why it matters, and what you can do to avoid falling victim.

What Happened

In February 2026, New York Attorney General Letitia James warned residents about a surge in pig butchering schemes. According to the alert, scammers typically initiate contact through dating apps, social media, or even wrong-number text messages. They spend days or weeks building an emotional connection—often posing as a successful trader or businessperson. Once trust is established, the scammer introduces a fake cryptocurrency trading platform that appears legitimate. Victims are shown fabricated profits and encouraged to invest more. When they try to withdraw funds, they are hit with fees or told their account is frozen. Eventually the scammer cuts off all communication.

The Attorney General’s office noted that these scams have cost some victims tens of thousands of dollars. While exact figures are still being collected, the trend is clear: pig butchering is growing more common, and New Yorkers are among those being targeted.

Why It Matters

Pig butchering is not just a financial scam—it is a psychological one. Scammers intentionally exploit loneliness and the human desire for connection. Victims often lose not only their savings but also their sense of trust. Because the fraud unfolds over a long period, many people do not realize they are being scammed until it is too late.

The financial losses can be devastating. Many victims borrow money or liquidate legitimate assets to invest in the fake platform, and some have lost their retirement savings. Reporting these crimes can be difficult because the scammers often operate from overseas, and cryptocurrencies are hard to trace.

Unlike a typical phishing email or quick credit card fraud, pig butchering is designed to extract maximum money over time. The Attorney General’s alert is meant to help people recognize the early warnings before they lose anything.

What Readers Can Do

You can protect yourself by watching for these red flags:

  • Unsolicited contact – A stranger reaches out via text, social media, or a dating app, especially one who quickly wants to move the conversation to a private messaging app like WhatsApp or Telegram.
  • Too-good-to-be-true investment returns – The scammer shows you screenshots of huge profits from cryptocurrency trading. No legitimate investment guarantees steady, high returns.
  • Urgency and secrecy – You are pressured to act fast or told not to tell friends or family about the opportunity.
  • Difficulty withdrawing – When you try to cash out, you are asked to pay taxes, fees, or a minimum balance first.

To avoid becoming a victim:

  • Never send money or cryptocurrency to someone you have only met online.
  • Do not click on links to investment platforms sent by a stranger. Only use registered, well-known exchanges.
  • If someone you have never met in person insists on teaching you to trade crypto, be suspicious.
  • Verify any financial professional through your state’s securities regulator or the SEC’s database.

If you suspect you are being scammed:

  • Stop all communication with the person immediately.
  • Do not send any more money or cryptocurrency.
  • Report the scam to the New York Attorney General’s office by calling 1-800-771-7755 or filing a complaint online at ag.ny.gov.
  • You can also report to the FBI’s Internet Crime Complaint Center at ic3.gov.

If you have already lost money, contact your bank or crypto exchange as soon as possible. While recovery is not guaranteed, every report helps authorities track these networks and warn others.

Sources

  • New York State Attorney General’s Office – Consumer Alert: Pig Butchering Scams (February 17, 2026). Available at ag.ny.gov (direct link via Google News archive).