Crypto scams are screwing over Americans, draining their life savings, and it’s only getting worse. One of the biggest moneymakers for these crooks is something called “pig butchering.” It’s exactly as nasty as it sounds.

Scammers fatten up their victims with flattery and fake relationships, then slaughter them by stealing their cash, usually in the form of crypto.

The FBI’s Internet Crime Report says losses from investment scams jumped by 38% in 2023, hitting a new record. Out of $4.57 billion reported stolen, $3.96 billion came from fraudulent crypto schemes.

One woman, Carina, knows this scam all too well. She met her scammer on Bumble, a dating app, where the guy spent six weeks sweet-talking her. He spun a story about his luxurious lifestyle and how he was making a killing investing in crypto.

After months of chatting, Carina was convinced. She ended up dumping $152,000 into what she thought was a legit investment site. It turned out to be a clone of Kraken, a real crypto exchange.