'Pig Butchering' Crypto Scam Leads To Arrests After High-Tech Bust: DA

SAN JOSE, CA — A high-tech task force in Silicon Valley has made a rare arrest stemming from a growing international scam known as "pig butchering," according to prosecutors.

The Santa Clara County District Attorney's Office announced the arrest and charging of two suspects accused of attempting to trick a 66-year-old San Jose man into "investing" more than $500,000 in a cryptocurrency scam.

According to prosecutors, "pig butchering" is the nickname for a slow and methodical style of financial scam, which sometimes originates online from Southeast Asia where victims of human trafficking are forced to target victims abroad by texting and creating fake financial websites.

In Santa Clara County, the victim reached out to investigators after he sent $170,000 to an "Aunt Amelia," posing as an investment banker on Facebook. When they attempted to get another $348,000, the man contacted the DA's office.

Investigators with the DA's high-tech unit worked with the victim to set up a cash drop-off and met the alleged scammers in a parking lot where they were arrested. A criminal trial is scheduled to begin later this month.

District Attorney Jeff Rosen referred to "pig butchering" as a growing and evolving crime, netting billions annually. In a recent PSA, Rosen cautioned residents to be careful with texts from unknown senders and reach out to financial crime investigators if something seems amiss.

"The most effective strategy against pig butchering is to educate potential victims," he said. "Everyone with a cell phone is a potential victim of pig butchering. Don't fall for it."