Get 20% off DeleteMe US consumer plans when you go to https://joindeleteme.com/BOYLE and use promo code BOYLE at checkout. For DeleteMe international Plans go to https://international.joindeleteme.com
Every year, people around the world lose millions of dollars to a sophisticated scam known as “the pig butchering romance scam”.
The scam takes its name from the victims, who the scammers call “pigs” that they "fatten up" before slaughter. It usually begins with a text message that appears to be a wrong number. People who respond are lured into a long conversation with a good-looking and wealthy stranger who eventually offers to teach them how to make money with crypto investments. The investments are (of course) fake, and once victims send enough of their money, the scammers disappear. Victims frequently lose their life savings, and often the crime goes unreported because the victim is so embarrassed by what happened. A Kansas banker embezzled almost $50 million dollars from his bank as part of a pig-butchering scam, leading to the bank's failure.
In the bestselling book - Number Go Up by Zeke Faux, it was revealed that the people sending the messages are frequently victims themselves. In today's video we explore how the scam works and why cryptocurrencies like tether are to blame for the huge scale of this crime.
Patrick's Books:
Statistics For The Trading Floor: https://amzn.to/3eerLA0
Derivatives For The Trading Floor: https://amzn.to/3cjsyPF
Corporate Finance: https://amzn.to/3fn3rvC
Ways To Support The Channel
Patreon: https://www.patreon.com/PatrickBoyleOnFinance
Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle
Business Inquiries ➡️ [email protected]
Visit our website: https://www.onfinance.org
Follow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle
Patrick Boyle On Finance Podcast:
Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0b
Apple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313
Google Podcasts: https://tinyurl.com/62862nve
Zeke Faux - Number Go Up: https://amzn.to/3XJV7Q1
BBC Pig Butchering Documentary: https://www.youtube.com/watch?v=bW4wYV0V-5s
Griffin & Mei Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4742235#:~:text=The%20perpetrators%20interact%20freely%20with,Binance%2C%20Huobi%2C%20and%20OKX.
Join this channel to support making this content:
https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join