New Jersey enforces cease and desist orders against three ‘pig butcher’ scammers

“Pig butchering” is a scam where cybercriminals use social media to contact victims, instigate a romantic relationship and then lure them into a fraudulent cryptocurrency investment scheme once they’ve gained their trust.

“These scammers build up a sense of comradery between them and their victim—all to squeeze every cent they possibly can out of these people with promises of huge returns on investments.” Acting Director Cari Fais of the Bureau’s Division of Consumer Affairs also hopes that the enforcement actions will make it clear that they will “pursue scammers who prey on people’s trust.”

Chief of the Bureau of Securities Amy Kopleton suggested that the pig butcher scam works well for fraudsters because their target audience is already in a position of vulnerability.

This is great news for the whole crypto community

The three firms were Meta Capitals Limited, Cresttrademining Limited and Forex Market Trade. All three firms claimed to be cryptocurrency trading platforms, where they would entice victims into copying the trades of their “expert traders” so that they could make big returns.

Rid the cancers

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