The pig-butchering scam exploits victims by forming emotional connections before convincing them to invest in non-existent cryptocurrencies. Ahmet Tozal, a Turkish garment worker, fell victim to such a scheme initiated by a stranger on WhatsApp, who falsely represented herself as a wealthy businesswoman. Tozal lost 400,000 Turkish lira, equivalent to his annual salary, and subsequently faced financial ruin. This form of fraud, which has reportedly resulted in a $75 billion loss since 2020, highlights the global threat posed by these deceptive practices that lure individuals into investing their savings.
Ahmet Tozal, a garment worker from Turkey, was convinced by a woman he met online to invest his life savings into a fake cryptocurrency called UAI Coin.
The pig-butchering scam, originating in China, involves forming relationships with targets before ultimately persuading them to invest large amounts, resulting in significant financial losses.
Tozal lost about 400,000 Turkish lira, leading him into debt and forcing him to move to Uzbekistan in search of work to support his family.
An estimated $75 billion has been lost to pig-butchering scams since 2020, showcasing the vast impact of these fraudulent schemes worldwide.
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