WhatsApp has removed more than 6.8 million accounts reportedly linked to a global network of scams known as “pig butchering” or “romance baiting.” These scams often begin with unsolicited messages, followed by efforts to build trust with victims before defrauding them.

Scammers have also used AI tools like ChatGPT to generate messages and later shifted conversations to Telegram to carry out the fraud.

Crypto Scams Surpass $60 Billion in Reported Losses

"WhatsApp’s removal of millions of scam accounts shows tech platforms are finally tackling scams that combine romance and investment fraud. Victims suffer both emotional and financial losses, often after months or years of manipulation, making this one of the most damaging forms of fraud,” Jonathan Frost, Director of Global Advisory for EMEA at BioCatch, commented.

While pig butchering schemes often begin with romance-like communication, they differ from traditional romance scams by leading victims into fake investment platforms.

A recent study reviewed 236 major cryptocurrency scam cases. The findings showed total losses exceeding $60 billion. Fraudulent trading platforms were the most common, with 112 cases. Romance scams followed with 46 incidents. Pig butchering schemes accounted for 39 cases.

Use of AI Tools in Scam Operations

One documented case involved the misuse of AI tools. Scammers reportedly used OpenAI’s ChatGPT to write initial contact messages. These messages included a link that led victims to a WhatsApp conversation.

“It’s clear that while the criminals are coordinated and tech-enabled, our response is still fragmented and reactive. The Global Anti-Scam Alliance estimates that over US$1 trillion globally was stolen by scammers in 2024 alone,” Silvija Krupena, Director of the Financial Intelligence Unit at RedCompass Labs said.

You may find it interesting at FinanceMagnates.com: Scammers Pose as Banks in Instagram Ads to Trap Investors via WhatsApp, FSMA Warns.

Shifting Victims to Telegram and Showing Fake Profits

From there, victims were moved to Telegram, where they were asked to complete small tasks, such as liking TikTok videos. The scammers then displayed fake earnings to gain the victim’s trust. Victims were eventually asked to deposit real money into a crypto account, resulting in financial loss.

“Banks can protect their customers by using advanced behavioural analytics to spot subtle fraud. Only coordination among banks, regulators, tech platforms, and consumers can stop this large-scale crime before more people are harmed," Frost added.