TLDR
- Officials in the Baltimore division of the FBI have highlighted an alarming rise in crypto-related scams, colloquially called \"pig butchering,\" plaguing residents of Maryland.
- Reports indicate that from January to August 2024, individuals reported losses totaling $54.5 million.
- During 2023, a total of 668 residents from Maryland suffered losses amounting to $69.1 million in similar fraudulent activities.
- Con artists lured their victims into fraudulent cryptocurrency schemes by deceit.
- The FBI strongly recommends exercising prudence and thoroughly verifying any investment propositions before committing.
Baltimore's branch of the Federal Bureau of Investigation has released an alert about the surging risk of fraud targeting cryptocurrency investments in the Maryland area. These deceptions, notoriously dubbed as \"pig butchering,\" have inflicted significant financial harm on local residents over the past few years.
Within the timeframe of January to August 2024, individuals in Maryland disclosed losing nearly $54.5 million through these deceptive operations. This pattern of deceit continued from 2023, a year in which 668 residents of Maryland reported combined losses of $69.1 million due to comparable scams.
Scammers engaging in these \"pig butchering\" tactics often establish a rapport with their targets through online platforms or dating applications over a period, leading them to trust.
Subsequently, these victims are coaxed into participating in what appear to be viable opportunities in the cryptocurrency market. In reality, these are fictitious, leaving victims with heavy losses on their investments.
Special Agent in Charge William J. DelBagno from the FBI’s Baltimore office has underscored the critical nature of being judicious when evaluating any investment prospects.
\"Be wary of individuals who you have never met in person who claim to be experts offering surefire investment opportunities,\" he cautioned.
According to the FBI, these fraudulent schemes do not discriminate, targeting everyone from the young adult demographic to the elderly. Both the financial toll and emotional distress they bring can be overwhelming.
In an effort to shield the public from such scams, the FBI has laid out several preventive measures. First and foremost, they stress the importance of not disclosing personal or financial information to unknown parties.
In this regard, it is essential to refrain from transferring money to those who you have only interacted with via the internet or phone.
Another precaution from the FBI is to rigorously assess any investment opportunities before committing funds. This entails a detailed investigation into the company or individual proposing the investment, corroborating their credentials, and being vigilant for any warning signs or adverse evaluations.
The agency also emphasizes the need to be cautious of unsolicited investment offers, particularly those promising extraordinarily high returns with minimal or no risk.
Authentic investment options usually involve a degree of risk, and any proposition that appears unbelievably favorable should be approached with skepticism.
A common tactic scammers employ is to impose a sense of urgency, pressing victims to act swiftly. This prevents them from having time to contemplate the offer thoroughly or consult with peers, family, or finance experts.
The FBI urges anyone suspecting they may be a victim of a crypto scam to promptly report it.
Victims have the option to either directly contact the FBI's Baltimore field office or file a report with the Internet Crime Complaint Center (IC3).
