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Apr 6, 2023 · The scam is called “Sha Zhu Pan,” a Chinese phrase that loosely translates to “pig butchering." "Their goal is to take everything," explained Supervisory Special Agent Zacharia Baldwin with...
- 4 min
As an International Trade Analyst*, Sha Zhu works closely with BakerHostetler’s International Trade Remedies and Trade Policy team on antidumping and countervailing duty cases, providing support through in-depth research of the attorneys’ assigned topics.
- Key Takeaways
- Overview
- The Long Con
- This Little Piggy Had Roast Beef
- This Little Piggy Went to Market
- On The Killing Floor
- This Little Light of Mine
Proofpoint tracks multiple threats known as Sha Zhu Pan, or “Pig Butchering” threats.These are confidence-based threats similar to romance scams.The threat actors lure a victim into depositing cryptocurrency into a fake cryptocurrency exchange. The threat actor steals the money.These threats are typically managed by a large industry of professional fraud actors.Oh, hey there dear reader. It is a pleasure to meet you. You seem very smart and tech savvy to be reading this blog. I bet we could be friends. Maybe something more? My uncle has taught me all about social engineering. He is highly intelligent and has many things to teach you. Let’s move this chat to WhatsApp and you can talk to him about Sha Zhu P...
The Sha Zhu Pan (Shāzhūpán) or “Pig Butchering” threat initially became popular in China, before spreading to other parts of East Asia and eventually and more recently, English-speaking countries. The U.S. Federal Bureau of Investigation (FBI) published an advisory in April 2022 detailing the cryptocurrency-based social engineering scheme that has ...
This next phase of the fraud varies based on the threat actors’ preferences. The handler or “kindly uncle” may send the victim cryptocurrency investing white papers or help them setup a Coinbase or Crypto account. Obtaining a cryptocurrency wallet if the victim does not have one already is an integral part of the scheme. The fraudsters may work wit...
Once the victim is accustomed to using the platform and increasing their account balance – or “fattened up” in Pig Butchering parlance – they will be encouraged to make larger investments. Threat actors will encourage victims to take out loans, refinance their house, sell stock holdings, etc. If the victim starts to worry or wants to take out money...
While the Pig Butchering scam is a relatively new trend in the English-speaking world it has been endemic in East Asia, especially China, for many years. In addition to cryptocurrency-based lures, these criminal enterprises have used gold, forex, stocks, and other subjects to exploit their victims. Such schemes are successful due to the intimate na...
The recent increase in this type of scam is concerning. Exposure has forced threat actors to pivot into new markets which may explain the rise in reported cases in English-speaking countries and an increase in Pig Butchering message lures received on social media platforms. Only by shining a light on these practices can we force these criminals bac...
A pig butchering scam, also known as a "sha zhu pan" scam, is a type of online investment fraud that involves scammers creating fake online personas to lure victims into fraudulent investment...
These scams are also called “Sha Zhu Pan,” a Chinese term that loosely translates to pig butchering.
Nov 7, 2023 · Crypto fraud has become the dominant form of Internet-based confidence schemes over the past three years, as demonstrated by the sha zhu pan (“pig butchering”) scams we recently investigated. But one variant has been growing at a particularly rapid pace: fake “liquidity mining.”
View Sha Zhu’s profile on LinkedIn, a professional community of 1 billion members. • New business development expert with track record of conceptualizing and executing…
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