Maryland Woman Loses $3M in “Pig Butchering” Crypto Scam via Fake Korean Messaging App

A Maryland woman was defrauded of $3 million in a crypto scam through a Korean messaging app. The scam was uncovered via FBI Operation Level Up.

In another chilling case of cryptocurrency fraud, a Maryland-based woman has reported a loss of over $3 million to a sophisticated “pig butchering” scam—a tactic where fraudsters spend weeks building trust before draining a victim’s funds.

According to a CBD News investigation, the scammer—allegedly operating from Southeast Asia—reached out to the woman via a Korean messaging application. Over several weeks, they engaged in personal and financial discussions, eventually convincing her to invest large sums in what appeared to be a legitimate crypto portfolio.

The fraudster presented an elaborately faked investment dashboard, showing unrealistically high profits. This illusion of success only deepened the victim’s trust, prompting further financial contributions. The woman shared:

“I put in over $3 million into this, and it showed that I was making almost maybe like 80% profit. When she got a lot more of my trust, more money would be poured in. Unless you know what you’re doing, you’re not going to be able to tell – especially if you’ve never done crypto before.”

🕵️ FBI Intervenes Through Operation Level Up

The scam came to light through Operation Level Up, an initiative by the FBI’s Baltimore Field Office targeting cryptocurrency fraud and digital asset scams.

FBI Agent Sarah Lewis explained that one of the biggest challenges in these cases is that victims are often coached by scammers on how to respond if questioned by authorities. In fact, during an early intervention attempt, one victim denied any wrongdoing and recited lines fed directly by the fraudster.

This layer of psychological manipulation makes it extremely difficult for investigators to intervene before substantial losses occur.

💸 Growing Crypto Scam Epidemic

The case is not isolated. A recent investigation revealed that Coinbase users alone lost over $46 million to similar scams. Criminals have continued to evolve their tactics, targeting unsuspecting individuals through social engineering, fake crypto platforms, and phishing schemes.

“Pig butchering” scams have become increasingly sophisticated. Unlike traditional crypto hacks or wallet thefts, these scams rely on emotional manipulation, drawing victims into what feels like a personal financial relationship.

🚨 Warnings to the Public

Authorities are urging users to be wary of unsolicited financial advice or investment opportunities, particularly when it comes from strangers on foreign messaging platforms. A few red flags include:

• Unrealistic returns (e.g., 80% profit in short timeframes)
• Requests for privacy and secrecy
• Pressure to transfer large amounts of money into new wallets

With crypto adoption rising, so too does the need for caution, particularly for those new to the space.

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