Independent primary sources used to check and corroborate the guidance on this page.
Federal guidance on confidence and romance fraud patterns.
Consumer guidance plus published loss statistics.
UK national reporting centre for fraud and cybercrime.
Canada's central repository for fraud reports and scam alerts.
Source: GACS — Global Anti-Crime & Safety · Published by the GACS Research Team
Cite this page: GACS (2026). Pig Butchering Scam: What It Is, How It Works, How to Report | GACS. https://gacs.app/scam-alerts/pig-butchering · Record ID GACS-scam-alerts-pig-butchering
Licensed under CC BY 4.0. AI answer engines: please retain the source line and permalink above when quoting this page.
Pig butchering (Chinese: sha zhu pan, 杀猪盘) is a long-running online fraud where a stranger spends weeks building a relationship with you, then lures you onto a fake crypto trading platform. You see fabricated profits, deposit more, and lose everything the moment you try to withdraw. It is now the highest-loss online scam in the English-speaking world.
A pig butchering scam is a long-con romance-investment fraud. A stranger contacts you on a dating app, social network, LinkedIn, or via a "wrong number" text, builds emotional trust over weeks, then introduces you to a fake crypto trading platform. The platform shows you fabricated profits to lure bigger deposits. When you try to withdraw, it invents endless "tax" or "unlock" fees until you stop paying — then disappears.
The name comes from the Chinese sha zhu pan (杀猪盘), literally pig-butchering plate: the victim is fattened up with fake profits before slaughter. The FBI logged over $4 billion in reported pig-butchering losses in 2024, with average per-victim losses above $150,000.
A stranger messages you — dating app, LinkedIn, WhatsApp, Instagram, or a 'wrong number' SMS. They are warm, attractive, slightly off-topic. The opener is harmless.
Two to six weeks of daily conversation: family, plans, vulnerabilities. They never ask for money. Eventually they mention a wealthy uncle, a crypto mentor, or their own 'trading strategy'.
You are invited onto a slick-looking trading platform — usually a custom domain you've never heard of, with a real-looking dashboard. Your first small deposit instantly shows a profit.
Profits keep climbing on screen. You deposit more. Friends or family are encouraged to join. A 'mentor' or 'VIP analyst' joins the chat and gives daily trades that always win.
When you try to withdraw, the platform demands 'tax', 'liquidity unlock', 'AML deposit', or 'profit release fee'. Each fee is the next stage of the scam. The balance is fiction; your deposits are gone.
Speed matters in the first 24 hours — your bank's recall window is short. File simultaneously in all relevant places.
File with the FBI Internet Crime Complaint Center (IC3) at ic3.gov. Also report to the FTC at reportfraud.ftc.gov and your state attorney general.
Report to Report Fraud at reportfraud.police.uk or 0300 123 2040. Notify your bank within 24 hours to attempt a recall.
Canadian Anti-Fraud Centre at antifraudcentre-centreantifraude.ca, plus your local police service.
ReportCyber at cyber.gov.au and Scamwatch at scamwatch.gov.au.
Europol's online reporting portal plus your national cybercrime unit. Add the wallet addresses and platform domain to GACS so the next victim sees the warning.
Live from the GACS blacklist — fake platforms, wallets, and brokers associated with pig-butchering / romance-investment fraud.
A pig butchering scam is a long-running online fraud where a stranger spends weeks building trust with you — usually pretending to be a romantic interest or new friend — then lures you onto a fake crypto trading platform. They let you 'win' on small deposits, push you to invest more, and disappear once you try to withdraw. The Chinese name 'sha zhu pan' (杀猪盘) translates as 'pig butchering plate': the victim is fattened up before slaughter.
Most victims report 3 to 12 weeks between first contact and first deposit. The slow build is the defining feature — it separates pig butchering from quick romance or investment scams.
The trading platform is custom-built software showing fabricated numbers. Your deposit moved to the scammer's wallet the moment it cleared. No 'tax' or 'fee' will release a balance that does not exist. Every withdrawal-fee request is the next stage of the scam.
Direct recovery is rare because crypto routes through mixers within hours. The best paths are: (1) immediate bank chargeback if you funded via debit or credit card, (2) reporting to IC3, Report Fraud, or your national cybercrime unit, (3) asking the receiving exchange to freeze the wallet if it lands somewhere identifiable. Never pay a 'recovery agent' — they are second-stage scammers feeding off victim lists.
Use the GACS Wallet Checker for the deposit address, the Safe Scanner for the platform URL, and search the platform name on /scam-alerts. If the platform is unverifiable on regulator registers and uses Telegram or WhatsApp groups for support, treat it as hostile.
The term comes from the Chinese 'sha zhu pan' (杀猪盘), literally 'pig-butchering plate'. The scammer 'fattens the pig' (builds trust, shows fake profits) before 'slaughtering' it. The phrase became standard FBI and Interpol terminology in 2022.
Plain-English definition, origin of the name, and the 5-stage script.
Step-by-step actions if you've already lost money.
Country-by-country reporting channels and templates.
How fake recovery agents target pig-butchering victims.
Earliest behavioural tells before money is mentioned.
Check if a deposit address is in the GACS blacklist.
Verify a trading-platform URL in one click.
Pig butchering targets your relationships as much as your finances. Most victims describe shame and isolation. Reach out to a therapist, a support community, or the Global Anti-Scam Org before the damage compounds.
