Pig Butchering Scam Costs Victims $75 Billion; $1 Trillion Lost to Fraud in 2023, $500 Million Drained from Crypto Wallets

The emergence of a new cyber fraud scheme known as the 'pig butchering scam' has reportedly cost victims approximately $75 billion globally over the past four years. This scam often involves human trafficking victims who are coerced into running the operations for large crime syndicates based in Asia. In 2024, one in five consumers fell victim to various scams, with an estimated $1 trillion lost globally to fraud in 2023. Notable cases include a New Zealand grandmother who lost her life savings of $224,000, the Chairman of India's Vardhman Group who lost $830,000, and a Hong Kong office that lost $25 million. The scheme has been linked to a Chinese mobster known as 'Broken Tooth', who has played a pivotal role in its proliferation. Reports indicate that scammers drained $500 million from cryptocurrency wallets in a single year, highlighting the growing sophistication and impact of these fraudulent operations.