Learn that every flatterer lives at the expense of the one who listens to him. Weeks of thoughtful messages, then an investment tip slipped between two “good nights”. A single American victim lost $16 million in cryptos in this type of scam between June and August 2024. American justice announced on September 25 charges for money laundering against Trung Nguyen Van, a 37-year-old Vietnamese man. He is suspected of having recycled part of the loot and remains presumed innocent. The same trap has already ruined thousands of victims as far away as Hong Kong.
The name comes from the Chinese sha zhu pan, “pig slaughter”. Scammers assume the image without complexes. We fatten the beast before bleeding it.
Pig butchering, the crypto sentimental scam in four acts
It all starts with a neat profile. The photos are luminous, the profession flattering, often in finance or international trade. After a few exchanges on the dating application, your interlocutor suggests switching to WhatsApp or Telegram, far from moderation tools.
Then comes the fattening phase. For weeks, sometimes months, the conversation becomes daily and intimate. Money arrives on the table without ever being addressed head-on: your match makes a very good living with crypto trading, thanks to a “method” passed down by an uncle, and he offers you to test with a small amount on the platform he uses.
This platform is a movie set. The site or application displays curves, a real-time balance and spectacular winnings. None of these figures exist, because the cryptos sent go directly to the wallets (digital wallets) of the scammers. A first withdrawal of a few hundred euros goes smoothly. The deposits are growing.
The trap closes when the stake is recovered. The platform suddenly demands an “unblocking fee”, a “tax” or an anti-money laundering deposit. You pay, and new charges immediately arise. The suitor ends up disappearing with the rest.
Crypto investment scam, a $7.2 billion scourge
Published in April 2026, the 2025 annual report from the IC3 (the FBI complaints center) puts the losses linked to cryptocurrencies declared by Americans last year at $11.4 billion. The increase reached 22% in one year, and these amounts represent more than half of the losses recorded by the agency for all cyber frauds combined. Crypto investment fraud, the family to which pig butchering belongs, alone is worth $7.2 billion.
The report counts 18,589 plaintiffs who lost more than $100,000 each. The average loss per crypto-related complaint reaches $62,604. The $16 million from the victim of the Trung Nguyen Van case is therefore an extreme case.
Behind the fake profiles, we find scam centers established in Burma, Cambodia or Laos. Thousands of workers, often victims of trafficking, unfold precise conversation scripts there. Generative AI now provides them with photos, translations and doctored videos. The IC3 estimates losses linked to AI-assisted romance scams at $19 million in 2025.
After the sentimental scam, the second blade of false recoverers
Once ruined, the victim becomes a prime target. So-called law firms or blockchain investigators promise to trace the funds for a fee paid in advance. The IC3 has identified around 10,500 complaints for these recovery scams in 2025, for $1.4 billion in losses, and the AMF warns against usurpers who go so far as to present themselves as its own agents. No official agency charges for the recovery of stolen funds.
How to spot and report a crypto romance scam
A few warning signs help you spot the trap. Be wary if a contact you meet online talks about yield even before a video call, if the recommended platform does not appear on any AMF register, or if you are asked for money to withdraw yours. If you have the slightest doubt, consult the AMF blacklist or call AMF Epargne Info Service on 01 53 45 62 00.
In case of loss, file a complaint at the police station or online via the THESEE platform, dedicated to Internet scams. Also report the fake profile to the dating app. The Info Escroqueries line answers 0 805 805 817, free of charge.
