- Finding marks by sending out text messages which have the appearance of being a normal message sent to the wrong number, and which invite a response.
- Building a long-term relationship with the mark over text messages.
- Eventually convincing the mark to invest in a fake crypto exchange.
- The fake crypto exchange delivers small wins for a while
- Eventually convincing the mark to make a very large investment.
- Then the money disappears.
- The scam is run by Chinese operators in an illegal call center in Myanmar using human-trafficked labor.
This obviously has characteristics that distinguish it from a generic scam.
Example of a scam that is not pig butchering:
- I got a text message offering me $XYZ/day to drive around town with a Colgate toothpaste ad on my car
- If I had accepted the offer, they would have asked me to send in a downpayment for the ad materials, then they would have vanished