Avoid the latest cryptocurrency scam

Published: Aug. 5, 2022 at 4:10 AM CDT
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PANAMA CITY, Fla. (WJHG/WECP) - The latest cryptocurrency scam known as “pig butchering” or “pig slaughtering” encourages victims to put more and more money into a fake cryptocurrency investment only to “fatten them up” before a scammer disappears with their cryptocurrency.

This scam is most commonly seen on dating sites and social media.

Florida’s Chief Financial Officer, Jimmy Patronis, spoke with NewsChannel 7 about what to look for and ways to avoid these scammers.

Patronis shared these tips:

  • Only scammers demand payment in cryptocurrency. No legitimate business is going to demand you send cryptocurrency in advance – not to buy something, and not to protect your money. That’s always a scam.
  • Only scammers will guarantee profits or big returns. Don’t trust people who promise you can quickly and easily make money in the crypto markets.
  • Never mix online dating and investment advice. If you meet someone on a dating site or app, and they want to show you how to invest in crypto, or asks you to send them crypto, that’s a scam.

For more tips on how to avoid cryptocurrency scams, click here.

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