FBI Warns of Growing ‘Pig Butchering’ Crypto Schemes in Maryland

The Federal Bureau of Investigation (FBI) Baltimore office has issued a warning about the increasing prevalence of cryptocurrency investment fraud in Maryland. Known as “pig butchering,” scammers trick victims into fake crypto investments, leading to massive financial losses.

FBI Warns of Surge in Cryptocurrency Investment Scams in Maryland

The Federal Bureau of Investigation (FBI) Baltimore office issued a press release on Tuesday addressing the rising threat of cryptocurrency investment fraud in Maryland. Known as “pig butchering,” this form of fraud involves scammers persuading victims to invest heavily in what turn out to be fake cryptocurrency opportunities.

Victims often lose their entire investments, with criminal actors, usually based overseas, gaining control of the funds. Between January and August 2024, Maryland residents reported almost $54.5 million in losses from these scams, according to FBI data. The agency noted that in 2023, 668 Marylanders lost $69.1 million to similar schemes.

FBI Baltimore Special Agent in Charge William J. DelBagno stressed the importance of caution, saying:

Bottom line: never trust someone you haven’t met who claims to be an expert and can help you make money through a can’t-miss investment opportunity.

He added that these scams affect a wide range of individuals, stating:

We are seeing victims in their 20s and 30s all the way up to our senior citizens who are absolutely devastated by these schemes.

To help the public avoid these scams, the FBI recommends not sharing financial or personal information with unknown individuals, verifying investment opportunities, and reporting any incidents to the FBI Baltimore field office or the Internet Crime Complaint Center (IC3).

What do you think about the FBI’s warning on cryptocurrency investment fraud in Maryland? Let us know in the comments section below.

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