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Pig-butchering crypto scams built on trust drove $370.3M losses in January 2026
Pig-butchering crypto scams cultivate long-term trust, then funnel victims into fake digital asset platforms. In January 2026, losses reached $370.3 million, with social engineering accounting for about $311 million. Authorities are pursuing networks and laundering operations, but cross-border structures and encrypted channels complicate enforcement.