Cryptocurrency fraudsters stole almost $ 1 million from 70-year-old woman through pig butchering scheme

In San Jose, a 70-year-old widow became the victim of a large-scale crypto fraud — the woman lost almost $ 1 million. The victim was drawn into a so-called «pig butchering» scheme, where fraudsters imitate romantic relationships to lure money under the guise of investment.

The victim, Margaret Locke, met a man named Ed on Facebook. He introduced himself as a businessman from Texas of Chinese descent. The communication quickly escalated into «romantic» correspondence, after which Ed began to convince the woman to invest in cryptocurrency.

Locke first transferred $ 15,000, which, according to the scammer, quickly brought a profit. Later, she transferred another $ 120,000, then $ 490,000, and the last $ 62,000 from her retirement account. When her husband demanded another million, she took out a $ 300,000 second mortgage and transferred it as well.

In total, Lock lost almost all of her savings. When she tried to withdraw the funds, the «investment account» was blocked. Later, it turned out that all the transfers were sent to bank accounts in Malaysia, where an international group of fraudsters operates.

The woman turned to the police after she found out that she had become a victim of fraud. Law enforcement officials warn that «pig butchering» schemes are actively spreading, so do not invest on the advice of people you do not know personally.