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Online and social · Scam library

Crypto investment scam (pig butchering): how to spot it and what to do

Arrives by: Text message, Social media, Dating sites, Messaging apps

By Nora Hale, OwlGuardian Safety DeskPublished How we research

Is it a scam?

A crypto investment scam, often called “pig butchering,” starts with a friendly, romantic or professional online contact who later suggests investing in cryptocurrency. You're sent to a realistic fake platform that shows big profits, and small withdrawals may work, but larger withdrawals are blocked and the money is gone. The FBI says if someone you met online or by text pitches an investment, it's likely fraud.

How the scam works.

  1. It often starts with a “wrong number” text, a social media message, or a dating profile. The stranger becomes a friend or more.

  2. Over weeks, they mention how well they're doing with crypto investing and offer to show you how.

  3. They send you to a professional-looking website or app that shows your balance and “profits” growing. Those numbers are fake.

  4. They may let you take out a small amount to build trust. When you try to withdraw more, it's blocked.

  5. Some victims are told to put cash into a Bitcoin ATM. Once deposited, it goes straight to the scammer.

Red flags to look for.

Illustrative example · Text message

Grace (+1 (646) 555-0127)

Good morning! I just checked my account and my uncle's trading signal made another 18% this week. I know you said you're nervous, but you could start small with $1,000 and take it out any time, just like I did. Here's the platform: coinvest-global-trade.example.com. I'll walk you through it step by step.
An example of the scam message, written to show the common pattern. It is not a real message.

Written from the patterns official sources describe. Phone numbers and web addresses in it are fake.

  1. Someone you met online or by text brings up an investment.

  2. A “wrong number” text that turns into a friendship.

  3. Pressure to act fast, or to keep it from family and friends.

  4. A platform that shows big gains but won't let you withdraw.

  5. Being told to deposit cash into a Bitcoin ATM.

  6. Being told to ignore the FBI or your bank if they contact you.

$3.52 billion

Source: FBI IC3, 2025 Internet Crime Report (PDF).

If you got this message.

  • Take a beat. Don't send money to an investment suggested by someone you met online.
  • Do your own research, and talk to family or a financial professional you already know.
  • Stop replying, and block the contact.
  • Report it at ic3.gov and ReportFraud.ftc.gov.

If you already clicked, paid or shared information.

  1. Stop sending money, even if you're told one more payment will unlock your account.

  2. Call your bank right away. Use the number on the back of your card or in the official app.

  3. File a report at ic3.gov as soon as you can. Include every detail: dates, amounts, wallet addresses, website names and the names the scammer used.

  4. If you used a Bitcoin ATM, keep your receipts and report it to the FTC at ReportFraud.ftc.gov and to the ATM operator listed on the receipt.

  5. Tell your family. You don't have to handle this alone. If you're 60 or older, the National Elder Fraud Hotline at 1-833-372-8311 can help you report it (weekdays, 10am to 6pm Eastern).

  6. Don't pay a “crypto recovery” service. The FBI warns that anyone claiming they can recover your funds may be running another scam, and the FTC says never pay up front for help getting a refund.

Money already sent? Start with the free C.A.L.M. recovery wizard or get step-by-step help. And watch out for anyone who offers to get it back for a fee.

Already sent money?

Call the bank now.

Use the number on the card. Then follow the steps.

Get help now

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More specific help

How OwlGuardian helps

Make the next scam bounce off.

These scams usually run through texts, apps and social media, which OwlGuardian doesn't block. Screenshot the message or the investment site and say “Hey Siri, call my Owl” for a second opinion in about five seconds, and bring in your Trusted Contact before you send any money.

OwlGuardian quietly checks your parent's Gmail with AI, moves scam emails out of sight, and asks you before anything risky gets through. $4.99/month after a 30-day free trial.

Download OwlGuardian on the App StoreSee how it works

Questions people ask.

What is a pig butchering scam?
It's a long con where a scammer builds a friendship or romance online, then talks you into investing in crypto on a fake platform. The FBI calls it confidence-enabled cryptocurrency investment fraud.
Can a crypto recovery service get my money back?
Be very careful. The FBI warns that people claiming they can recover your funds may be running another scam, and the FTC says never pay up front for help getting money back. Report the loss at ic3.gov instead.
I was able to withdraw some money. Doesn't that mean it's real?
No. Scammers often let you take out a small amount to build trust, then block larger withdrawals.
Someone told me to put cash into a Bitcoin ATM. Is that a scam?
Yes. The FTC says only scammers tell you to use a Bitcoin ATM to protect or move your money. Once you deposit the cash, it goes straight to the scammer.

Sources

The example above is illustrative, written from the patterns official sources describe. Phone numbers and web addresses in it are fake.

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