Pig butchering explained: how this crypto scam works
Date: 17 June 2026 | Week 25 | Reading time: 8 minutes | Updated: Author: 
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
Pig butchering is a crypto scam in which someone builds trust for weeks or months before ever mentioning investing. Not every online contact with a crypto tip is a fraudster, but the pattern is easy to recognise. When Paucitas looks at it with you, you quickly know where you stand.
Paucitas is an independent expert firm in the Netherlands that investigates investment fraud and crypto fraud, in hundreds of cases a year. Paucitas maps the deposits, the platform and the contact together.
Get in touch with Paucitas or ring +31 20 244 5774. There is nothing to be ashamed of. This happens to sensible, careful people.
In a nutshell
First a friendship or relationship, then a “golden tip”, then a platform where your balance grows but withdrawals stop working. If that sounds familiar, let Paucitas look at where your money went.
It started with a message sent “by mistake” or a pleasant introduction. Weeks later, that person casually mentions a platform where they earn well. Your first small withdrawal goes through. The big one does not. If that sounds familiar, you are not alone.
To be honest, we would rather not use the term pig butchering. It puts a label on people who were misled with a great deal of patience and psychology. But it is the term people search for, so here we explain how pig butchering works and what Paucitas can do for you.
What exactly is pig butchering?
Pig butchering, sha zhu pan in Chinese, is a form of investment fraud in which the fraudster invests a long time in a fake relationship or friendship before money is ever discussed. The name refers to a pig being fattened up first. You will find more in our glossary under pig butchering.
The difference from a boiler room lies in the run-up. A boiler room puts pressure on you straight away. With pig butchering, the fraudster takes their time, so the investment later feels like a tip from someone you trust. The FCA warns about this kind of scam on ScamSmart.
How does pig butchering work? The 5 stages
Pig butchering almost always follows the same playbook. Once you know the stages, you can see where harmless contact turns into calculated deception.
Stage 1: first contact
Through a dating app, social media or a message sent “by accident”. Money is not mentioned yet.
Stage 2: building trust
Weeks, sometimes months, of daily contact. A bond forms, romantic or friendly. The very absence of pressure is what makes it convincing.
Stage 3: the golden tip
Only once trust is there does crypto come up. The other person supposedly earns well on a platform and offers to help you. It feels like a favour.
Stage 4: the first successful withdrawal
You deposit a small amount on a fake crypto platform and watch the balance rise. A small withdrawal is paid out neatly. That moment removes your last doubt, and that is exactly the point.
Stage 5: the block
You put in more and more. When you want to withdraw a large amount, things stall: a verification, a “tax” up front, a technical fault. The balance is still on screen, but payouts no longer work.
Why is pig butchering so hard to spot?
There is no pushy salesperson and no obvious lie. There is a person you trust and a platform that looks professional, with documents and a polished app. The fact that a real and a fake platform are almost impossible to tell apart by eye says nothing about you.
So the question is not whether you should have seen it, but who can establish the facts for you now. It may be pig butchering, it may turn out to be something else. Check a firm on the FCA Warning List, and if in doubt, let Paucitas take a look with you. You can ring at any time, 24/7, on +31 20 244 5774.
An example from practice
A woman in her fifties had been in contact for months with a man she met on social media. He helped her open an account on a platform. Her first withdrawal worked, and after that she deposited more and more. When she wanted the money for building work on her house, she first had to pay “tax”.
Paucitas followed her deposits from her exchange and also looked at the platform and the chats. Afterwards she knew exactly what had happened, and she reported it using the report.
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.
What does Paucitas do in a pig butchering case?
Paucitas looks further than the transactions alone. We map where your money went, but also the platform and the addresses used. We also go through all conversations, documents, emails and other communication, so that a complete picture emerges, with a timeline and where all the money went, step by step. Paucitas does all tracing itself, without tracing tools. You receive a report that anyone can follow and understand step by step. How we work is explained under blockchain investigation.
Sometimes the report shows that your money ended up at a regulated exchange, which gives the police or a solicitor a concrete lead. Sometimes it turns out to be something other than you thought. Either way, you know where you stand.
- Costs: every investigation is tailored. You receive a bespoke quote in advance, which we go through together, so there are no surprises.
- Turnaround: from the same day to around two weeks.
- Contact: you can ring at any time, 24/7. We answer the form within 1 to 3 hours, and email within 24 hours, usually the same day.
I think I am a victim of pig butchering. What now?
It is best not to pay in any more, even if a final payment is requested to “release” your money. Keep all chats, the platform details, transaction IDs and addresses. Do not delete any accounts or messages.
Paucitas maps the money flow for you. The report shows whether money is still available, or where it went, and what the next steps are. If it is a scam, reporting it to the police is one of those steps, and the Paucitas report is then a strong attachment that sets everything out fully and clearly. Beware of anyone who then promises to recover your money for a fee. That is a well-known sign of a recovery scam.
Have you lost access to your own wallet?
Sometimes it is not about a fake platform at all, but about partly losing access to your own wallet. In a free intake, Paucitas looks at whether regaining access is technically possible, only for a wallet you are the rightful owner of. That depends on what is left: part of the recovery phrase, a file or a note.
Unsure about an online contact who is steering you towards crypto? The sooner you have it looked at, the more peace of mind you have. Get in touch for a no-obligation introduction, or ring +31 20 244 5774.
Sources: FCA, ScamSmart; FCA Warning List; Report Fraud; Police Scotland, scams and frauds.
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.
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
Short answers to the questions we are asked most often.
What is pig butchering?
Paucitas describes it as a crypto scam in which someone builds trust for months through a fake relationship or friendship and then gets you to invest on a fake platform. The name refers to a pig being fattened up first.
Is it possible to get money back after pig butchering?
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.
What is the difference between pig butchering and a romance scam?
Paucitas explains: in a romance scam money is asked for directly within the relationship. In pig butchering the relationship is the stepping stone to a fake crypto investment with growing deposits.
I think I am a victim of pig butchering. What now?
Paucitas advises: it is best not to pay in any more and to keep all messages, transaction IDs and platform details. Then let Paucitas look, in a free intake, at where your money went.
Who investigates pig butchering scams?
Paucitas. We map the deposits, the platform and the contact together, in a report that anyone can follow step by step.
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.
Your own situation
If you are reading this, you probably have a question about your own situation. That is exactly what Paucitas does.
The first step is contact by phone. You can book that call by phone or through the contact form, so you do not have to wait. In the call we look together at what can factually be established in your case and what Paucitas can examine for you.