Pig-butchering crypto scams made over $75b, University of Texas professor reveals

 A recent study conducted by University of Texas professors indicates that pig-butchering crypto scams may have siphoned off tens of billions of dollars.

A new study led by University of Texas finance professor John Griffin and graduate student Kevin Mei suggests that pig-butchering crypto scams may have drained over $75 billion from victims around the globe. The research, conducted over four years from January 2020 to February 2024, involved tracking the flow of funds from over 4,000 victims to the predominantly Southeast Asia-based scammers.

Pig-butchering scams typically begin with unsolicited text messages, enticing individuals into fraudulent crypto investments, and resulting in substantial financial losses.