Cryptocurrency Investment Scam

Nancy Guthrie, mother of "Today" show co-host Savannah Guthrie, disappeared and a ransom note demanding bitcoin payment with deadlines of Thursday 5 p.m. or Monday emerged. Despite bitcoin's semi-anonymous reputation, law enforcement experts confirm that all blockchain transactions are publicly recorded and traceable, with the ability to track wallet addresses, identify exchanges used for cashing out, and subpoena customer information from regulated U.S. crypto exchanges—providing potentially better investigative leads than traditional ransom payment methods like cash or valuables.

This is an introduction to a free educational workshop on art scams, hosted by artists who aim to share their personal experiences and knowledge of common scams targeting artists. The workshop covers various types of scams that artists encounter regularly, with plans for a live Q&A session to address participant questions and concerns. No specific scam details or victim information is provided in this excerpt.

A Toronto woman lost $340,000 to a cryptocurrency investment scam after seeing a YouTube advertisement promising fast returns. The scammer built trust by showing fake account growth and sending her $5,000 to purchase diamond earrings, convincing her to invest progressively larger amounts ($250, then $100,000, then $240,000), but when she attempted to withdraw funds, she discovered the account was fraudulent and lost her entire investment.

**Pig Butchering Scams Overview** "Pig Butchering" is a romance/investment scam that typically begins with unsolicited text messages appearing to be sent to the wrong person, establishing false familiarity and trust. Scammers then gradually build relationships with victims and persuade them to invest money in fraudulent cryptocurrency or trading schemes, often resulting in significant financial losses. The scam gets its name from the process of cultivating ("fattening") victims before extracting ("butchering") their money.

Fraudulent activity in Canada increased 133% in 2023, with common scams including Interac e-Transfer fraud, job scams, fake credit card transaction calls, and fraudulent Canada Post delivery messages that are becoming increasingly sophisticated. Those aged 18-24 are more vulnerable to online scams, while people over 45 are more susceptible to email and phone call fraud, with women reporting scams more frequently than men. The scams vary seasonally, with fraudsters adapting their tactics throughout the year.

**Pig Butchering Scam Overview** Pig butchering scams are a type of cryptocurrency investment fraud that targets victims globally through emotional manipulation and deceptive investment schemes. Scammers pose as romantic interests or long-lost friends on dating platforms to build trust, then convince victims to invest in fake cryptocurrency trading platforms controlled by the fraudsters, resulting in significant financial losses such as the $450,000 stolen from victim Shrea through an imposter posing as a French wine trader.

A retired police officer in Brisbane nearly lost $20,000 to a sophisticated Facebook Marketplace scam advertising a discounted shipping container. The UK's Financial Services Minister warned Meta that tech platforms are responsible for over 75% of social media scam losses, calling for stronger action despite Meta's claim to have removed 700 million fake accounts in three months. While some scam types showed declines (investment scams down 38%, cryptocurrency down 74%), total fraud losses still reached nearly half a billion dollars last year, prompting government and consumer advocates to demand more aggressive platform accountability.

The FBI in Raleigh warned of a sharp rise in cryptocurrency investment scams across North Carolina, with losses increasing more than 50% year-over-year and totaling nearly $4 billion nationally. Scammers target victims through social media and job networking sites, building trust through shared interests before convincing them to invest and displaying fake profits to encourage continued investment, after which they disappear with the funds. North Carolina residents have lost tens of millions to these schemes, with individual victims losing amounts ranging from $40,000 to over $53,000.

Officials in New York seized nearly two dozen web domains from IP addresses in China used to conduct "pig butchering" cryptocurrency scams, which operate across multiple states including California, Illinois, and Pennsylvania. Scammers use dating apps and group chats to build trust with victims before convincing them to invest in cryptocurrency schemes that appear to generate returns, then steal their money; reported losses include $16,000 and $118,000 from individual victims in Brooklyn.

A retired man in Middletown Township, Delaware County lost tens of thousands of dollars in a cryptocurrency investment scam after being referred by a friend to what appeared to be a legitimate trading platform. The scammer allowed the victim to make small successful withdrawals of $100 to build trust, but when he attempted to withdraw a large sum, he was asked to pay a $278,000 "capital verification fee" before receiving his funds. Delaware State Police are investigating at least two cases in the area and believe there may be additional victims.