Pigs that butcher, a form of romance fraud in which the victims are nurtured to send money to fake cryptoin-investing schemes, has grown into a multibillion dollar industry, according to Blockchain Analytics company Elliptics report from 2025 typologies.
The study points to increasingly organized methods of laundering stolen funds using practices similar to professional economic operations.
Elliptics investigators found that scammers often collect the victims’ deposits for self -hosted wallets used only to consolidate and move funds. From there, the money flows through chains of transactions designed to hide its origin, sometimes passing through transverse chain bridges or payment processing services that offer a veneer of legitimacy.
A regular tactic involves the use of mule accounts on regulated crypto platforms. These accounts often share suspicious markers, such as identical housing addresses, repeated IP logins and transfers of transfers between accounts.
Photos submitted for observational checks sometimes shows operators working out of call centers or stocks in Southeast Asian countries where pig -butching operations are known to be.
The report emphasizes that blockchain, unlike cash -based crime, leaves visible transaction paths. This transparency gives regulators and platforms new tools to spot suspicious activity, even when scammers fine -tune their methods.
Elliptic also warns that pig butching is only a piece of a wider image. The report also detailed how individuals facing official sanctions are increasingly addressing stablecoins for cross -border transactions.
