18 people fell victim to pig-butchering scams, with total losses exceeding 3.5 million USD

SiFu Lee
Aug 8
2 min read

Over HK$27.89 Million (3.5M USD) Lost in “Pig-Butchering” Scams in the Past Month

In the past month alone, law enforcement agencies have received reports from at least 18 individuals who suspect they fell victim to “pig-butchering” scams, with total losses exceeding HK$27.89 million.

In these scams, fraudsters first build relationships with victims via online social platforms — either by befriending them or even developing romantic relationships. Alternatively, they post fake investment ads related to stocks, precious metals, or cryptocurrencies to attract potential victims. Once interested, victims are added to WhatsApp investment groups.

After gaining the victim’s trust through online romance or by impersonating financial experts, scammers recommend “high-return, low-risk” investment options, persuading victims to invest through fake platforms. Some scammers even claim the platform is powered by AI (artificial intelligence) that automates trades, emphasizing that victims just need to invest money to earn easy profits.

When the victim follows instructions and deposits money (most often by wiring funds to various Hong Kong bank accounts under different names), the fake platform displays falsified high returns. This encourages the victim to continue investing larger amounts. However, when they attempt to withdraw funds, they are asked to pay more money, and only then do they realize they’ve been scammed — often with severe financial losses.

Recent Scam-Related Communication Groups, Fake Apps, and Platforms Used by Scammers:

Fraudulent WhatsApp Groups: