Florida Chief Monetary Officer Jimmy Patronis on Wednesday warned of a cryptocurrency rip-off generally known as “pig butchering” or ”pig slaughtering.”

As a part of the rip-off, in keeping with Patronis, persons are enticed to place increasingly more cash right into a pretend cryptocurrency funding scheme solely to “fatten them up” earlier than a scammer disappears with huge sums of their cryptocurrency.

Patronis stated this rip-off is reportedly most frequently carried out on courting websites and on social media as a brand new type of a romance rip-off.

“In Florida, we embrace rising know-how and innovation, however customers should at all times keep on guard for scams particularly as new monetary merchandise like Bitcoin and different cryptocurrencies turn out to be more and more common. Stories say cryptocurrency scams have bilked hundreds of thousands out of unsuspecting crypto traders; lots of which have been scammed by way of on-line courting apps over the course of a number of months,” Patronis stated. “Similar to with any main monetary choice, customers ought to do analysis and by no means switch funds to somebody you suppose is suspicious, untrustworthy, and whose id you haven’t verified. It’s possible you’ll as properly kiss your cash goodbye.”


When you really feel you have got been the sufferer of a rip-off, you’re urged to report it instantly at FraudFreeFlorida.com.

“All the time bear in mind, if a chance sounds too good to be true, it’s,” Patronis stated.

Listed below are three suggestions from the Federal Commerce Fee to keep away from cryptocurrency scams:

  • Solely scammers demand cost in cryptocurrency. No legit enterprise goes to demand that you just ship cryptocurrency prematurely — to not purchase one thing, and to not shield your cash.

  • Solely scammers will assure earnings or massive returns. Don’t belief individuals who promise you possibly can shortly and simply become profitable within the crypto markets.

  • By no means combine on-line courting and funding recommendation. When you meet somebody on a courting website or app, and so they need to present you the right way to put money into crypto or ask you to ship them crypto, that’s a rip-off.

For extra recommendation on the right way to keep away from cryptocurrency scams, click on here.

Copyright 2022 by WJXT News4JAX – All rights reserved.

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