In recent times, crypto scam apps have been able to circumvent iOS and Android security, with many “pig butchering” scammers attempting to dupe users.
According to cybersecurity firm Sophos, scammers typically approach their victims on social media or even at high-profile events attended by cryptocurrency enthusiasts. Typically, they promise exorbitant returns on their investment.
What exactly is pig butchering?
In the cryptocurrency industry, pig butchering refers to the act of selling an asset at a significant loss. This phrase refers to the notion that when someone sells an asset at a significant loss, they are “butchering or slaughtering their pig.” The term is frequently used disparagingly to describe someone who made a poor investment decision and suffered a large loss as a result.
What exactly is cryptocurrency?
Cryptocurrency is a digital or virtual currency that operates independently of a central bank and uses cryptography for security. It is a decentralized form of currency that can be used for internet transactions. This makes cryptocurrencies appealing to some people because they provide greater privacy and security than traditional fiat currencies.
How can you avoid being duped in the crypto world?
Research: Before investing in any cryptocurrency, thoroughly research the project and its team.
Check the website: Check to see if the website’s URL is correctly spelled and if it has a secure SSL certificate.
Unsolicited offers should be avoided: Be wary of unsolicited emails, messages, or phone calls offering investment opportunities.
Use only official websites, exchanges, and wallets to buy, sell, or store cryptocurrencies.
Keep your private key safe: Keep your private key safe and do not share it with anyone.
Be wary of high-yielding promises: Although high returns are appealing, cryptocurrencies are highly volatile and can fluctuate rapidly.
Report scams: If you believe you have been a victim of a scam, notify the appropriate authorities as soon as possible.
