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Over 600 workers who had been forced to take part in so-called ‘pig-butchering’ crypto scams in the Philippines were rescued by authorities on Thursday after one victim scaled the walls and fled, alerting the police.  Authorities freed 383 Filipinos, 202 Chinese, and 73 other foreign nationals from a compound in Bamban, a northern district in the Philippines. According to Winston Casio, a spokesman for the Presidential Commission Against Organized Crime, the center trapped “good-looking men and women to lure [victims].” He says that freed victims are still ‘shaken’ by the ordeal.  Trapped individuals are forced to carry out romance scams all day that seduce victims into investing in bogus crypto platforms. In most cases, they are tortured and forced to work long hours with few or no breaks.  1,200 slaves freed from Myanmar pig-butchering compound Read more: United Nations reports USDT used for money laundering across SE Asia According to a BBC report, the escaped i...

Bad actors are now turning to the video-sharing platform to scam people by pretending to be crypto giveaway s from celebrities. TikTok is being flooded with fake posts pretending to be crypto giveaways from Elon Musk hourly, BleepingComputer first revealed. According to the report, malicious videos contain a deep fake interview with Elon Musk for Fox News, promoting a fake crypto giveaway. The report notes the majority of scam videos use similar website domains such as bitoxies[.]com, moonexio[.]com, altgetxio[.]com, cratopex[.]com. Despite the various domains, most of them utilize the same scam template, pretending to be an investment platform, BleepingComputer says. Elon Musk and crypto giveaway scams on TikTok | Source: BleepingComputer To participate in the giveaway , scammers are luring users to register on the website and enter a promo code shared on TikTok. The website pretends to deposit Bitcoin (BTC) into the user’s wallet by entering the code. You migh...

A man from Minnesota has fallen prey to a crypto romance scam that has cost him a staggering $9 million. The scam originated from a LinkedIn connection that lured him with false promises of quick wealth and professed love. According to reports on Aug. 2, the scam involved instructing the victim to make substantial deposits from his US Bank account into other bank accounts for supposed crypto currency investments. However, instead of investing on the victim’s behalf, the scammers funneled the money into encrypted digital crypto wallets under their control. The victim was made to believe that he was investing in “Coinrule-web3.” He even witnessed apparent profits, reinforcing his belief in the scheme’s legitimacy. Unfortunately, this was all part of the deception, and the scammers eventually demanded an exorbitant $2.8 million fee to release the alleged windfall. You might also like: Scams surge, crypto regulation in US, Worldcoin’s privacy concerns |...