Meta, the parent company of Facebook and Instagram, announced a major crackdown on deceptive "pig butchering" cryptocurrency investment scams, removing more than 2 million fraudulent accounts across its platforms.
The term "pig butchering" refers to scammers who spend time gaining their victims' trust - essentially "fattening them up" like livestock - before convincing them to invest in fake cryptocurrency schemes that ultimately steal their money.
In a sweeping enforcement action, Meta's security teams identified and shut down sophisticated networks of scam accounts that targeted users worldwide. The accounts typically used stolen or AI-generated profile photos and built relationships with potential victims through direct messages and comments before introducing fraudulent investment opportunities.
The company reported that many of these scam operations originated in Southeast Asia, with criminal groups often forcing trafficking victims to perpetrate the schemes from compounds in countries like Cambodia and Myanmar.
Meta has strengthened its automated detection systems to identify telltale patterns of pig butchering scams, including suspicious messaging behaviors and coordination between fake accounts. The platform now automatically flags and reviews accounts showing these high-risk patterns.
"These scams cause devastating financial and emotional harm to victims who lose their life savings," said Meta's Director of Security Operations in a statement. "We're committed to protecting our users by staying ahead of these criminal networks."
The company encourages users to be highly skeptical of unsolicited investment advice, especially from recent online connections. Any promises of guaranteed high returns or pressure to invest quickly should be considered red flags for potential fraud.
Users who encounter suspected pig butchering scams can report the accounts to Meta's security team for investigation. The company also works with law enforcement globally to help prosecute these criminal operations.