Americans lost $5.6B last year in crypto scams, FBI says

apnews.com

53 pointsanigbrowl6 comments

And globally: New Study Estimates as Much as $75 Billion in Global Victims’ Losses to Pig-Butchering Scam

https://time.com/6836703/pig-butchering-scam-victim-loss-mon...

Mostly due to human traffickers being held and forced to scam others against their will. Absolutely heart breaking, sickening, and scary.

And I just learned about the “scam factories” that run these big butchering operations. It’s amazing that they are allowed to operate openly.

I also have not heard of the scam factory mechanism and am shocked.

I dug a little through sources and this document with more substance:

https://s3.ap-southeast-2.amazonaws.com/assets.baliprocess.n...

It's misleading to call all of these "crypto" scams. A lot of them are romance / fake investment scams, but the method of payment is crypto. A crypto scam would be a scam that's more native to crypto in my opinion.

Several of the scam baiter channels have managed to get footage from insiders in pig butchering centers:

https://youtu.be/vu-Y1h9rTUs?t=291

https://youtu.be/DS1ge8-31IY?t=106

After all this time, I'm so glad cryptocurrencies have finally found their purpose.

Reply on news.ycombinator.com