Case study: a pig butchering victim and what the investigation delivered

Date: 12 August 2026 | Week: 33 | Reading time: 8 minutes | Updated: 16 October 2026Author: Simcha Schrijver

Paucitas is an independent expert firm in the Netherlands that investigates investment fraud and crypto fraud, establishes the origin and legitimacy of crypto assets and prepares expert reports for legal proceedings and compliance.

In short

This pig butchering case study shows what an investigation can deliver when someone can no longer withdraw their money after months of contact. Whether your own situation is a scam is not always certain at the start. What is almost always possible is to follow the route of your money, up to the point where it reached an exchange or another service provider.

Paucitas is an independent expert firm in the Netherlands that investigates investment fraud and crypto fraud, in hundreds of cases a year. An investigation takes from the same day to around two weeks.

Get in touch with Paucitas or ring +31 20 244 5774. In a free intake you will hear what can be established in your situation.

In a nutshell

In pig butchering, trust is built up over a long time before more and more money is asked for. In this case, Paucitas followed every deposit across the blockchain, up to the point where the money reached an exchange. That gave the victim a clear overview to take forward.

Perhaps this sounds familiar. Someone you met online helps you get started with investing in crypto. The platform shows lovely profits. But when you want to withdraw, you first have to pay something. That does not feel right, and we understand. You are certainly not the only one.

Would you first like to know how this type of scam works? Then read pig butchering explained. This article is about what an investigation delivers afterwards.

What is pig butchering, and how did this case start?

Pig butchering is a type of scam in which someone first builds up trust over a long period. Then, step by step, comes an invitation to invest in crypto on a platform that looks genuine. It resembles a romance scam, but it is about investing from the very start.

Not every platform that delays a withdrawal is a scam. Sometimes there is another explanation. But there are signs that can point to it, and then it is wise to have someone take a look.

An example from practice

A woman in her late fifties was contacted through a professional-looking LinkedIn profile of a businessman. After a few weeks of friendly contact, an “opportunity” in crypto came up. Over four months she transferred around 85,000 euros in instalments to what looked like an investment platform.

First a small deposit, which neatly showed a profit. Then larger deposits. When she wanted to withdraw, she first had to pay “fees” and “tax”. Also read paying tax or a deposit before a withdrawal. The withdrawal never came, and the platform stopped responding.

Paucitas takes privacy very seriously and never shares clients’ personal details. This is a composite example: names, amounts and details have been changed. The situation is one we see in practice.

Which signs can point to pig butchering?

One sign on its own does not say everything. Together they do give a direction:

Contact that starts on social media, a dating app or a business profile and quickly turns to investing.
A platform that can only be reached through a link or app and shows large profits.
Pressure to deposit more, often with a deadline.
Fees, tax or a deposit you must pay before you can withdraw.

Do you recognise one or more of these signs? Let Paucitas take a look with you. You can ring us any time, 24/7, on +31 20 244 5774.

How did Paucitas map the route of the money?

The victim bought crypto on an ordinary exchange and sent it as USDT, a stablecoin pegged to the dollar, over the Tron network to addresses the platform provided. Every transfer is public on the blockchain, with its own transaction hash. Those hashes were the starting point.

Paucitas does all tracing itself, without tracing tools. We worked everything out: each deposit, the route of the money, the addresses where it came together and the moment it reached a service provider. Paucitas also read through all the chats, emails, documents and other communication with the platform and the contact, for the full picture with a timeline. Every step was checked separately before it went into the report.

What did this pig butchering case study reveal?

Most of the money had been pooled through a few intermediate addresses and then sent to an exchange. The route was established up to that deposit address. That point is called the cash-out point. A smaller part went through a mixer. That branch could be followed up to a certain point, and the report says so honestly.

The victim received a report that anyone can follow and understand step by step: which deposits she made, which route the money took and at which service provider it ended up. That cash-out point is the lead for the police and other authorities. What happens to the money after that is for them to decide. Paucitas makes no promises about it, but does make sure the facts are on the table.

What an investigation can and cannot do

An investigation establishes which service provider the money went to. An address on the blockchain is not yet a name.
With a mixer, the route cannot always be followed in full. The report then states how far the route is established.
Bookings inside an exchange only count if there are documents for them.
Paucitas does not give legal or tax advice.

What should you do if you think you are a victim of pig butchering?

It is best not to pay any more, even if you are promised that you can withdraw afterwards.
Keep chats, screenshots of the platform, bank statements and the transaction hashes of your deposits.
Be wary of parties who approach you offering to get your money back for a fee. Also read scammed twice with crypto.

Then let Paucitas look at it. You will know what happened and have an overview in hand. What can you do with the Paucitas report? It shows whether money is still available or where it went, and what the next steps are. In a case of fraud, one of those steps is reporting it to Report Fraud, or in Scotland to Police Scotland, and the report is then a strong attachment that sets everything out fully and clearly. More steps are in the step-by-step plan after a crypto scam.

Who investigates pig butchering?

Paucitas. We map the route of your money, even when it has been passed through many addresses or networks. Sometimes it turns out that money is still in a recognisable place. Sometimes it turns out to be something other than a scam. In every case you know where you stand afterwards.

Costs: every investigation is tailored. You receive a quote in advance that we go through together, with no surprises.
Turnaround: from the same day to around two weeks.
Contact: you can ring any time, we answer the form within 1 to 3 hours, and email within 24 hours, usually the same day.

Unsure about a platform or a contact? Get in touch for a no-obligation introduction, or ring +31 20 244 5774. More about our approach: crypto fraud investigation.

Sources: Report Fraud; Police Scotland, scams and frauds; Europol, investment scams.

Questions about your own situation?

Call us directly, 24/7, or fill in the form below. You will hear from us within 1 to 3 hours. A free intake is without obligation.

+31 20 244 5774 To the contact form ↓

Paucitas B.V.

Weesperstraat 107
1018 VN Amsterda

E: paucitas@paucitas.com
T: 020 244 5774

Available 24/7

CoC: 83489649
VAT: NL862894062B01

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Frequently asked questions about pig butchering and investigation

Short answers to the questions we are asked most often.

What exactly is pig butchering?

Paucitas explains: it is a type of scam in which someone first wins your trust over a long time and then gets you to invest, step by step, on a platform that looks genuine. Contact often starts on social media, a dating app or a business profile.

How do I know whether it is pig butchering?

Paucitas finds that this is not always certain at the start. Signs include quick profits, pressure to deposit more and fees you must pay before you can withdraw. We are happy to take a look with you in a free intake.

Can the route of USDT on the Tron network be followed?

Paucitas can usually follow it. Every transfer is public on the blockchain, with its own transaction hash. Up to the point where the money reaches an exchange or other service provider, the route can generally be followed.

Can an investigation get my money back?

Paucitas: that depends on your situation. If you still have access to your own wallet or account holding funds, there may still be options. If everything has been sent to the fraudsters, the picture is different. That cannot be judged from a distance. Paucitas first looks at your situation and tells you honestly what is and is not possible. Be careful with anyone who promises in advance that your money will come back. In doubt? Contact Paucitas and you will know where you stand.

How do I recognise follow-up fraud after pig butchering?

Paucitas often recognises it by parties who contact you out of the blue promising to get your money back, usually for an upfront fee, or who ask for your recovery phrase. Be careful with upfront payments and never share your recovery phrase.

Short answers

Is your question not covered here? See short answers to common questions about crypto investigation or the explanations of blockchain and cryptocurrency terms.