Published on oktober 9, 2024, 12:34 am
Image source: Fox News
```json [ "TLDR: The Cointelegraph video exposes crypto scams like the 'pig butchering' scam, sharing victims' stories and warning about the $75 billion lost globally to these scams. Viewers learn about scammers' manipulation tactics, false promises of high returns, and limited options for victims seeking restitution. Watch the full video on Cointelegraph's YouTube channel for more insights.", "To protect yourself from crypto scams, watch the full video on Cointelegraph's YouTube channel." ] ```
The most recent Cointelegraph video delves into the perilous world of crypto scams, shedding light on the notorious “pig butchering” scam and recounting the harrowing experiences of its victims.
It is a stark warning that replying to an unfamiliar message online could inadvertently lead individuals down a path towards losing a significant portion of their life savings in this pervasive form of scam involving both cryptocurrencies and traditional fiat currencies. Shockingly, over $75 billion has been siphoned globally through these deceitful practices, as revealed by a recent study conducted at the University of Texas at Austin.
In this eye-opening video, viewers are introduced to Daniel and Jose, ordinary individuals who fell prey to these scammers, enduring substantial financial setbacks that reverberated throughout their lives. However, this nefarious scheme extends beyond mere financial exploitation; it thrives on manipulating trust and emotions for illicit gains.
Throughout the video expose, audiences are enlightened on the intricate tactics employed by scammers as they insidiously cultivate trust through unsolicited messages, often assuming false identities. Expert insights from crypto investigators shed light on the psychological ploys adopted by fraudsters, which involve inducing a sense of urgency and creating a fear-of-missing-out narrative to prompt swift actions from their targets.
These fraudulent offers typically promise unbelievable returns, luring unsuspecting victims into their trap with enticing propositions that sound too good to be true – because they indeed are. In addition to highlighting warning signs to watch out for in order to evade such scams, the video also touches upon the limited recourse available to victims seeking restitution for their losses (hint: it’s not much).
To gain invaluable insights and protect yourself against such treacherous schemes, catch the full video on our YouTube channel today – remember to hit subscribe for future updates!
Original article posted by Fox News
