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A new crypto scam that preyed on Silicon Valley investors that resulted in the loss of millions of dollars is busted in Bay Area, United States.
The crypto scam ‘Pig Butchering’ targets the victim’s phone. The bad actors build fake relationships with victims on dating apps or social media platforms and instruct them to take some actions. Victims receive a link that transfers them to a legitimate crypto trading app or platform. As soon as the victim downloads the application, the scammers access the victim’s devices.
Currently, the scale of the scam remains unknown. However, the malware gets access to the victim’s data once the target phone is infected. So far, only the identities of the two victims could be identified. They have collectively suffered the loss of $2.5 million in life savings. Among them, one is a Silicon Valley tech employee.
The authorities have shared that the scammers first researched the victims before making them their target. In addition, investigators said the bad actors have designed malicious apps that get them access to the victim’s personal information. The fake investment platforms have gone as far as providing customer service helplines in some cases. But the victims end up talking to the scammers only.
Investigators also shared the damage caused could also not be reversed even after the victim uninstalls the app. Victims were suggested to perform a factory reset. Moreover, users are advised to not download apps from links sent on Whatsapp and text messages. They are recommended to stick to app stores like App Store and Google Play.
Over the past years, scammers have made unsuspecting investors their victims as cryptocurrencies rose in popularity. In addition, the latest data after the recent market correction from crypto scams shows a 65% decline in the past year.
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