When Trust Becomes a Weapon

A new University of Texas at Austin study reveals that sophisticated cryptocurrency scams, known as “pig butchering,” have stolen an estimated $75 billion from victims globally between January 2020 to February 2024, an amount far higher than previously thought. Increasingly, wealthy investors are becoming prime targets. 

Professor John Griffin, a forensic finance expert, and one of his graduate students tracked the flow of funds from more than 4,000 victims to scam networks largely based in Southeast Asia. They discovered that $15 billion flowed through major exchanges like Coinbase, with criminals converting the stolen assets into Tether, a cryptocurrency designed to maintain stable value. The study illustrates the massive and still underrecognized scale of these fraud operations.

Pig-butchering scams rely on sophisticated psychological manipulation tactics. Scammers assume detailed, elaborate fake personas complete with polished social media profiles and professional backgrounds. They spend weeks or months building genuine emotional connections with their victims, sometimes romantic, before introducing fraudulent investment opportunities, often promising extraordinary returns. Losses can be staggering. In one recent case, a Kansas banker was charged with embezzling $47.1 million from his bank as part of such a scheme.

Artificial intelligence is making these scams more convincing and dangerous. Voice cloning programs now need as little as 15 to 30 seconds of someone’s speech, often obtained from social media posts, to generate a highly realistic replica. Scammers can then input any message and have it read aloud in that person’s voice. According to Resemble.AI, which tracks verified deepfake incidents, the first half of 2025 has already seen four times as many such cases as all of 2024. This technology allows even novice fraudsters to impersonate trusted contacts with alarming realism, rendering traditional red flags, like awkward grammar or generic messages, less reliable.

Federal agencies are responding. The FBI has begun targeting web-hosting providers used by scammers and is pursuing asset forfeiture cases to reclaim stolen cryptocurrency. However, the rapid evolution of deepfake and AI technology is outpacing enforcement efforts.

In this environment, vigilance is essential. Be wary of unsolicited emails, text messages, or group chats, even if they appear to come from trusted advisors or family members. If someone contacts you unexpectedly, especially with investment opportunities or urgent requests for money, take a step back. Legitimate investment opportunities don’t require urgency or secrecy. Don’t reply directly. Instead, hang up and call back using a number you know to be legitimate. For family, consider establishing family safe words that can help authenticate emergency calls from loved ones.

In our increasingly connected world, the technologies that bring us together are being weaponized against us. Scammers no longer need to be technical masterminds, just opportunistic and persuasive. Awareness remains our most effective line of defense. As the tactics become more sophisticated, so must our skepticism.

Whitney Butler