How Americans Are Losing Their Life Savings To Crypto Fraud [-Tjd9BVoEA8]

How Americans Are Losing Their Life Savings To Crypto Fraud [-Tjd9BVoEA8]

| 1h 28m 28s | Video has closed captioning.

“Pig butchering” scams got its name from the idea that scammers “fatten up” victims by building trust, and the strategy has amassed billions in stolen funds—particularly in the form of cryptocurrencies. Losses from investment scams soared 38% to a new record high in 2023, according to the FBI’s Internet Crime Report. Of the $4.57 billion in funds reported stolen, $3.96 billion involved fraudulent crypto investments. So, why are these scams so successful and what is law enforcement doing about it? Chapters: 0:00 - Intro 2:03 - What is pig butchering? 4:40 - Tracing funds on the blockchain 9:12 - Outlook Produced, Shot, and Edited by: Kaan Oguz Animation: Christina Locopo, Jason Reginato Managing Producer: Jordan Smith Additional Footage: Getty Images » Subscribe to CNBC: » Subscribe to CNBC TV: About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to be more successful and confident with your money? Take CNBC Make It’s new online course. Our expert instructors will help you master your money and discover practical strategies to boost your savings, reduce debt, and grow your wealth—in a way that works best for you. Enroll in "Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure" to start your journey to financial freedom today! Get a 30% discount with the coupon code EARLYBIRD until September 2, 2024: Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Instagram: Follow CNBC News on Facebook: Follow CNBC on Threads: Follow CNBC News on X: Follow CNBC on WhatsApp: #CNBC #crypto #cryptoworld How Americans Are Losing Their Life Savings To Crypto Fraud #apex crypto #1 bitcoin in dollar #bitcoin shrimp #credible crypto twitter #bitcoin private key