Wired reports that more threat actors have been leveraging pig butchering schemes that involve cryptocurrency and other forms of financial trading in compromising their targets.
First discovered in China, pig butchering scams involve attackers cold-contacting targets through SMS or other communication platforms to eventually lure them into making cryptocurrency investments.
Attackers establish a malicious platform that may masquerade as trusted financial institutions wherein victims would be able to view real-time market data and watch the growth of their supposed investments. Upon the completion of the victim's deposit, the account would be shut down and the attackers would disappear.
"Thats the whole pig butchering thing, they are going for the whole hog. They go after people who are vulnerable. Some of the victims are people who have had long-term health problems, who are older, people who feel isolated. They want to get every last bit of oink, and they are persistent," said Sophos Senior Threat Researcher Sean Gallagher.
Meanwhile, digital forensic analyst Michael Roberts noted that the scheme has been offloaded by attackers to inexperienced scammers and human trafficking victims who have been forced to do the scam.