Tag: decentralized finance
‘Pig Butchering’ crypto-fraudsters net billions
‘Pig Butchering’, a new and particularly mean and ruthless form of cryptocurrency fraud that originated in China, has evolved into a global scourge. Sha zhu pan, which translates as “pig-butchering”, uses sophisticated fraudulent decentralized finance (DeFi) applications to bypass most of the defenses provided by mobile device vendors. WhatsApp is the preferred platform for targets outside China; Telegram is also used, as is Skype. According to cybersecurity firm Sophos: “Originating in China at the beginning of the COVID pandemic, ‘pig butchering’ scams have expanded globally ever since, becoming a multi-billion-dollar fraud phenomenon.”