As the “crypto winter” is behind us, and people once again see value in Bitcoin and other cryptocurrencies, scammers try to target individuals online, seeking ransom in the form of these valuable digital assets.
The tactics used to manipulate victims of many cryptocurrency scams are similar in nature to those used by bad actors who target users of other types of systems. The term, “social engineering”, is commonly used in the world of cybersecurity, to describe attacks that play upon human vulnerability. Common types of social engineering attacks, such as phishing emails, often target victims by enticing them to share sensitive information, click on malicious links or open melodic or attachments.
Crypto scams target individuals, which extends the role of web3 safeguards beyond those that are applicable to businesses. “Pig butchering” scams are a type of social engineering attack, which are often orchestrated by gangs, who force trafficking victims to scam Americans online, with the intention of enticing them to send them large payments in cryptocurrencies. A scammer may begin a pig butchering attempt with a seemingly friendly text message, pretending to be:
Pig butchering targets the following vulnerabilities of victims.
“Last Week Tonight” host, John Oliver, describes “pig butchering” in this video clip.
I challenge you to ask yourself what red flags in the following text messages indicate that this text is likely from a scammer, and I encourage you to avoid engaging with senders of similar messages: