Silicon Valley Employee Got Scammed Over $1 Million With New Cryptocurrency Scam!

In the United States, a new policy targeting Silicon Valley investors has resulted in losses of millions of dollars. cryptocurrency fraud detected.

A New Type of Cryptocurrency Scam Detected in Silicon Valley

The so-called ‘Pig Butcher’ cryptocurrency scam is transmitted to the victim’s phone through dating apps or interactions on social media platforms, and the perpetrators begin to defraud by establishing a false relationship with the victims, ABC7 News Bay Area reported on Aug.

Remarkably, scammers offer victims a genuine bitcoin and sends a link that looks like a cryptocurrency trading app or platform. However, after downloading the app, scammers gain access to their victims’ devices.

The extent of the scam is currently unknown, but once the target’s phone is infected, this malware can gain access to the victim’s data.

In total, at least two victims have been identified who lost about $2.5 million in savings. It is noteworthy that one of the victims was a tech worker working in Silicon Valley.

According to authorities, the scam develops as perpetrators investigate victims before attacking and specifically target their mobile devices. In addition, the researchers note that the scam occurs in the form of fake malicious applications that gain access to personal information.

US Secret Service Financial Analyst Andrew Frey described the new fraud method in his statement:

“These apps are so believable, in some cases they look just like any other app. Here is a very convincing scheme. Some sites look like Apple’s App Store and even have ratings and say it’s a highly rated Apple-approved app. They are getting more and more sophisticated.”

In some cases, fake trading platforms go so far as to offer customer service hotlines.

*Not investment advice.