Products FM Marketplace
Multi-dealer marketplace
FM Liquidity Match
Saas for electronic trading
FM White Label
B2B White Label Crypto Trading Platform
FM Pulse
Real-time market data analytics
FM Space
Counterparty selection
Clients Banks & brokers
Neobanks, crypto-native and FX brokers
Payment providers
PSPs, payment gateways, on/off ramp
OTC desks
Crypto trading desks, retail platforms
Buy-side
Passive funds, hedge funds, asset managers
Liquidity providers
Market makers, proprietary shops
Prime brokers
Agency and risk-principle brokers
Stablecoin issuers
Next gen of fintech
Company About Careers Blog Media kit Referral Legal Imprint Operating rules Privacy Policy Risk Disclosure Support Contact us

For Customers Log in

Pig Butchering Scam Meaning

A pig butchering scam is a long-term confidence fraud that combines romance scams with investment scams. The name comes from the practice of fattening the victim with a fake relationship and paper gains before finally butchering them by stealing their entire life savings. These scams are often run by professional syndicates operating out of compounds in Southeast Asia, using thousands of workers to manage conversations with victims worldwide.The scam begins with a wrong-number text or a message on a dating app.

The scammer spends weeks building an emotional connection with the victim, sharing details of a lavish lifestyle. Eventually, they mention how they are making significant money through a special crypto platform. They offer to teach the victim how to do it, guiding them to a counterfeit exchange that looks like a real trading platform.The technical trick is the fake dashboard.

The victim is encouraged to start with a small investment. The dashboard shows the investment growing in a few days.

The scammers even allow the victim to withdraw a small amount of money back to their bank account to prove the platform is legitimate. This trust-building move encourages the victim to deposit much larger sums, often including their entire retirement savings or home equity.The butchering happens when the victim tries to withdraw their large gains.

The platform suddenly tells them they must pay a tax or a security fee before the funds can be released. The victim, desperate to get their money back, pays the fee, only to be told there is another problem.

This continues until the victim runs out of money or realizes they are being scammed. At that point, the scammers ghost the victim and the platform shuts down, leaving the victim with no recourse.

← Back to Glossary

Explore our services

Providing liquidity in the cryptocurrency market?
Authorize on our platform and do it smarter with FM Pulse.

FM Marketplace

A reliable and high-performance crypto liquidity marketplace for institutions and businesses.

Learn more

FM White Label

Launch your fully branded B2B crypto trading platform in under one week.

Learn more

FM Liquidity Match

Crypto OTC-as-a-Service infrastructure for enhanced monetization and trade control.

Learn more

Scale your business, leave the hard work of your trading needs to us

Reduce your integration costs and operational risk across multiple access points with our platform

Get started

Important Disclaimer:

Finery Markets BVI Limited (“Finery Markets”) provides software, technology infrastructure, and related Information and Communication Technology (ICT) services on a Software-as-a-Service (“SaaS”) basis. Finery Markets acts solely as a software vendor and does not operate a trading platform, does not intermediate, match, execute, clear, or settle transactions, and does not engage in any activities that would require regulatory authorisation under applicable laws.

Finery Markets’ software is non-custodial and is provided exclusively to licensed institutional entities that act as independent operators of their own environments. All counterparties are solely responsible for establishing and maintaining their own bilateral trading and settlement relationships. Finery Markets is not a party to any such arrangements and assumes no responsibility for the conduct, verification, or compliance obligations of any users of the software.

Nothing on this website shall be construed as a financial promotion, investment advice, or an offer to engage in regulated activities. Access to and use of the software is strictly limited to clients who have entered into a software licensing agreement with Finery Markets. Persons located in jurisdictions where such access is restricted should not rely on this website or any of its contents.

Additional notice to UK visitors: This website and associated communications are not intended to constitute a financial promotion under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) and related guidance. Access to services provided by Finery Markets is limited to regulated entities, professional clients and eligible counterparties as set out by the Financial Conduct Authority. UK users are not permitted to use this website for the services of Finery Markets if they don't fall within these categories.