Technique
Pig Butchering
Also known as: Sha Zhu Pan, Killing Pig Plate, Romance Baiting, Financial Grooming, Relationship Investment Scam
A long-con investment fraud technique where scammers cultivate a fake relationship (romantic, friendly, or professional) with the victim over weeks or months to build deep trust — the 'fattening' phase — before steering them toward fraudulent cryptocurrency or investment platforms where increasingly…
Common attack flows
How it fits in a scam
Defense
How to defend against this
How to spot it
- Unsolicited wrong number text or social media message from a stranger that evolves into friendly ongoing conversation
- New online contact steers casual conversation toward investing or cryptocurrency within days or weeks
- Online contact claims insider knowledge or guaranteed high returns on crypto or forex investments
- Encouraged to create an account on an unfamiliar or unregistered trading platform or app
- Early small investments show suspiciously consistent profits on the platform dashboard
- Allowed to withdraw small amounts initially but encounter fees taxes or freezes when attempting larger withdrawals
- Contact refuses to meet in person or via video call despite weeks or months of communication
- Pressure to move conversation from dating app or social media to WhatsApp Telegram Signal or WeChat
- Contact displays lavish lifestyle photos and shares screenshots of impressive investment returns
- Love bombing with excessive affection or pet names like honey or my love within days of first contact
- Urged to keep the investment opportunity private and not consult friends family or financial advisors
- Escalating requests to liquidate savings take out loans or mortgage property to invest more
- Platform demands additional deposits to unlock withdrawals citing taxes fees or verification requirements
- Contact becomes hostile or disappears when you resist investing more or ask too many questions
Tools you can use
Steps you can take
- Official Channel VerificationCost low · Effect high
- Reverse Image Search VerificationCost low · Effect high
- Stay On PlatformCost low · Effect high
- Video Verification Before Personal InfoCost low · Effect high
- Traceable Payment MethodsCost low · Effect high
- Direct Source VerificationCost low · Effect high
- Cooling-Off PeriodCost low · Effect high
- Trusted Contact ConsultationCost low · Effect high
Seen in the wild
Where we’ve seen it
Further reading
ProPublica
Detailed 10-phase breakdown of pig butchering methodology from fake identity creation through escalation and taunting, with multiple victim case studies documenting losses from $89K to $1.4M
CFTC Customer Advisory
Six warning signs of crypto-confidence fraud including the sha zhu pan terminology and $3.5 billion in losses in 2023
FINRA Investor Insights
Distinguishes stock-based pump-and-dump and cryptocurrency-based variants with fake trading platforms and fabricated dashboards
U.S. Secret Service
Federal law enforcement guidance on investment fraud and pig butchering warning signs including refusal to meet in person and avoidance of video calls
DFPI (California)
State regulator guidance on how scammers guide victims through setting up legitimate exchange accounts before funneling funds to fraudulent platforms
AARP
Documents INTERPOL's 'romance baiting' terminology, loss statistics rising from $1.7B (2021) to $4.57B (2023), and estimated 300,000 people working in scam centers globally
Trend Micro
Security vendor analysis of platform deception tactics and 2022 IC3 data showing $2.57 billion in cryptocurrency investment scam losses
Kaspersky
Analysis of the illusion-of-control technique where victims independently manage accounts while scammers position as advisors rather than money handlers
Security.org
Comprehensive overview with loss statistics ($4.6B in 2023), platform verification guidance via FINRA BrokerCheck and SEC databases, and recovery options by payment method
FinCEN Alert FIN-2023-Alert005
Treasury Department alert providing 15 behavioral, financial, and technical red flags for financial institutions including customers liquidating savings or taking HELOCs to purchase virtual currency