Maryland Woman Falls Victim to Multi-Million Dollar Crypto Scam as FBI Issues Urgent Warning
In a troubling development that underscores the rise of cryptocurrency scams, a Maryland woman has reported losing over $3 million in a scheme commonly referred to as "pig butchering." The FBI’s Baltimore field office has issued a warning to potential victims, as authorities note a growing trend in such fraudulent activities, particularly concerning individuals who are unaware they are being targeted.
The Scheme Unveiled
The victim, who chose to remain anonymous, shared her difficult experience with WJZ Investigator Mike Hellgren. Overcome with embarrassment, she recounted how she fell prey to an unsolicited approach from a scammer through a Korean messaging app. The individual, posing as a trustworthy friend, spent weeks building rapport and gaining her confidence.
Initially lured by promises of significant returns, the victim described how her investment portfolio appeared legitimate, showing profits of up to 80%. Under increasing pressure to invest more funds, she found it challenging to recognize the deceit. "Unless you know what you’re doing, you’re not going to be able to tell—especially if you’ve never done crypto before," she explained.
Mechanics of the Scam
The term "pig butchering" refers to a tactic where scammers gradually increase a victim’s financial commitment before disappearing with their money. According to the FBI, this method typically begins with scammers allowing victims to withdraw small amounts of their investments, which builds a false sense of security. Special Agent Sarah Lewis highlighted the emotional manipulation involved, stating that many victims often deny being scammed, adhering to phrases that scammers have coached them to say.
“’When I spoke to her initially, she told me she wasn’t being scammed, and she gave me specific language I knew came directly from the scammer,’” Lewis noted, emphasizing the psychological toll this manipulation has on victims.
Rising Alerts and Devastating Consequences
The FBI has noted a significant number of victims involved in these scams, particularly individuals aged 50 and older. As reported, 4,323 victims of cryptocurrency investment fraud were notified nationwide by the FBI as of January 2025, resulting in estimated losses of $285,639,989. Heartbreakingly, the agency has intervened in 42 cases involving suicidal tendencies as a direct consequence of these scams.
In a tragic Maryland case, an elderly victim lost everything to a scam on Facebook and ultimately took his own life. The woman who lost millions stated she was fortunate to have a strong support system, but she understands the profound effects money loss can have on mental health. “It’s not worth your life,” she affirmed, reflecting on her humiliation and hurt.
Warnings from the FBI
The FBI continues to advise that individuals should be wary of unsolicited messages and refrain from investing in unknown entities. The agency specifically notes that scammers often prefer communication over encrypted platforms rather than discussing matters over the phone.
Authorities urge victims to report any losses immediately to increase the likelihood of recovering any funds. Special Agent Jeremy Capello elaborated on the nature of these scams, stating, “Most victims will never see their money again… Once that money leaves, it goes to the bad guys, and it’s gone.”
Moving Forward
The victim from Maryland hopes that by sharing her story, others will avoid the same fate. She recognized moments of doubt and admitted, “I actually did see a couple red flags, and I decided to ignore it because I just kind of told myself, well, I’ve got to trust this person.”
The FBI’s Operation Level Up is actively working to combat the rise of such scams as they continue to proliferate. For those who believe they have been victims of pig butchering or any related fraud, they should report their case to the Internet Crime Complaint Center at ic3.gov.
As cryptocurrency scams evolve, awareness and education remain key strategies in protecting individuals from becoming future victims.
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