San Diego, December 4, 2025
Over 400 residents in San Diego have been victimized by ‘pig butchering’ cryptocurrency scams, leading to an estimated loss of $90 million. Federal authorities are concerned that this figure only reflects reported cases, as many victims do not come forward. The scams involve fraudsters building trust with victims before defrauding them of their investments in fake cryptocurrency assets. Recently, the FBI has taken action by seizing the fraudulent website used in these schemes, as they continue to combat the rise of such scams targeting investors.
San Diego Residents Lose $90 Million to ‘Pig Butchering’ Crypto Scams
San Diego, CA – Over 400 residents have fallen victim to ‘pig butchering’ cryptocurrency scams, resulting in an estimated loss of $90 million during the 2024 fiscal year. Federal authorities believe this figure represents only a fraction of the total losses, as many victims do not report their experiences to law enforcement.
Details of the Scam
The scams, known as ‘pig butchering,’ involve fraudsters building trust with victims over time, often through online communication, before deceiving them into investing in fake cryptocurrency assets. The term ‘pig butchering’ refers to the practice of fattening pigs before slaughter, symbolizing how scammers ‘fatten’ their victims with false attention before exploiting them financially.
Victims reported that the fraudulent website tickmilleas.com displayed supposed lucrative returns on investments and showed fabricated deposits made by scammers to the victims’ accounts. The website was operated by a Southeast Asia-based criminal enterprise, with scammers based at a compound called Tai Chang in the village of Kyaukhat, Myanmar. The FBI has seized and shut down this web domain as part of an ongoing investigation.
Law Enforcement Actions
In response to the rising number of ‘pig butchering’ scams, the FBI’s San Diego Field Office has taken action by seizing and shutting down tickmilleas.com. This effort is part of a broader initiative to combat cryptocurrency investment fraud schemes targeting Americans. The FBI continues to collaborate with other agencies to identify and dismantle such fraudulent operations.
Background on ‘Pig Butchering’ Scams
‘Pig butchering’ scams have been on the rise, with significant financial losses reported nationwide. In 2024, crypto fraud was estimated to have a value of $12.4 billion, with ‘pig butchering’ scams contributing 33.2% of this total. These scams often combine elements of romance and investment fraud, leading to substantial financial and emotional harm for victims. The scams typically begin with scammers gaining the trust of victims over time and then deceiving them into investing in fake crypto assets or other fraudulent investment opportunities.
Protecting Yourself from ‘Pig Butchering’ Scams
To protect yourself from ‘pig butchering’ scams, it’s essential to be cautious of unsolicited communications, especially those that lead to investment opportunities. Scammers often use fake social media profiles with attractive personas to build trust and may introduce fraudulent investment schemes that promise high returns. Always conduct thorough research before investing and be wary of platforms that pressure you to invest quickly or offer returns that seem too good to be true. If you suspect you’ve been targeted by such a scam, report it to the appropriate authorities immediately.
Key Features of ‘Pig Butchering’ Scams
| Feature | Description |
|---|---|
| Building Trust | Scammers engage in prolonged online communication to gain the victim’s trust. |
| Introduction of Fake Investment | Victims are persuaded to invest in fraudulent cryptocurrency assets or schemes. |
| Financial Exploitation | Scammers exploit victims financially after gaining their trust. |
| Use of Fake Platforms | Scammers create fraudulent websites or apps that mimic legitimate investment platforms. |
| Emotional Manipulation | Victims often experience significant emotional distress due to the betrayal and financial loss. |
Frequently Asked Questions (FAQ)
What is a ‘pig butchering’ scam?
A ‘pig butchering’ scam is an investment fraud where scammers build trust with victims over time, often through online communication, and then deceive them into investing in fake cryptocurrency assets. The term refers to the practice of fattening pigs before slaughter, symbolizing how scammers ‘fatten’ their victims with false attention before exploiting them financially.
How much money have San Diego residents lost to these scams?
Over 400 San Diego residents have lost an estimated $90 million to ‘pig butchering’ cryptocurrency scams during the 2024 fiscal year. Federal authorities believe this figure represents only a fraction of the total losses, as many victims do not report their experiences to law enforcement.
What actions have law enforcement taken against these scams?
The FBI’s San Diego Field Office has seized and shut down the fraudulent website tickmilleas.com, which was operated by a Southeast Asia-based criminal enterprise. This action is part of a broader initiative to combat cryptocurrency investment fraud schemes targeting Americans. The FBI continues to collaborate with other agencies to identify and dismantle such fraudulent operations.
How can I protect myself from ‘pig butchering’ scams?
To protect yourself from ‘pig butchering’ scams, be cautious of unsolicited communications, especially those leading to investment opportunities. Scammers often use fake social media profiles with attractive personas to build trust and may introduce fraudulent investment schemes that promise high returns. Always conduct thorough research before investing and be wary of platforms that pressure you to invest quickly or offer returns that seem too good to be true. If you suspect you’ve been targeted by such a scam, report it to the appropriate authorities immediately.
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