A Bitcoin investor lost his retirement savings to a “pig butchering” scam after ignoring repeated warnings from his advisory firm, according to an account shared by a Bitcoin wealth adviser.
Terence Michael, an adviser and author who works with The Bitcoin Adviser, said in a post on X that an unnamed client transferred his Bitcoin (BTC) to a scammer after being targeted by a woman who posed as a trader and promised to double his holdings.
Michael said the scammer also claimed to be in love with the investor, a common tactic in pig butchering schemes, which rely on emotional manipulation rather than direct hacks.
Despite “numerous phone calls” and a “string of text messages,” Michael was unable to persuade his client not to send the Bitcoin to the scammer.
“My client was falling for a pig butchering scam,” Michael said Sunday. “And as of last night while out to dinner, I received a devastating text message from him saying he had lost it all.”
Source: Terence MichaelUnlike traditional hacks, pig butchering scams rely on emotionally manipulating the victims into willingly sending their investments to the attackers, often through the false promise of a romantic relationship.
Alongside losing his hard-earned Bitcoin retirement stash, the recently-divorced investor had also bought the scammer a plane ticket, expecting to meet a woman. After the funds were sent, the attacker admitted that the photos used in the relationship were fake and had been generated using artificial intelligence tools, Michael said.
Related: Bitcoin swings above $94K as crypto faces ‘Netscape’ moment: Finance Redefined
Pig butchering scams soar to national threat, after stealing $5.5 billion in crypto in 2024
Pig butchering scams have become a major problem for cryptocurrency holders, costing the industry a collective $5.5 billion in 2024, across 200,000 individual cases.
As a subset of phishing scams, the average grooming period for victims is between one and two weeks in 35% of cases, while 10% of scams involve grooming periods of up to three months, according to blockchain security platform Cyvers.
Pig butchering victim stats, grooming time. Source: CyversRelated: Crypto speculation at 2024 lows as TradFi leveraged ETFs hit record $239B
Earlier in November, Chainalysis warned that pig butchering scams are becoming a national security concern.
“Once this happens to you, you will be put on a list […] and you are even more likely to get hit up again,” said Andrew Fierman, head of national security intelligence at Chainalysis, during a podcast episode in November 2025.
In June, the US Department of Justice announced the seizure of over $225 million in crypto linked to pig butchering scams.
Magazine: Bitcoin OG Kyle Chassé is one strike away from a YouTube permaban
- #Bitcoin
- #Cryptocurrencies
- #Altcoins
- #Phishing
- #Investments
- #Cybercrime
- #Crimes
- #Tokens
- #Scams
- #Retirement
- #Pig Butchering
- #Scams & Cybercrime
Add reaction
![]()
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
The U.S. dominates global Bitcoin mining, and a 5.8% drop in hashrate triggers a miners’ profitability crisis
In the second quarter of 2026, global Bitcoin hashrate fell by 5.8%, dropping to 1004 EH/s, putting pressure on miner profitability. Even though the United States still accounts for 37.4% of hashrate, emerging markets such as Kyrgyzstan are growing rapidly, while hashrate in Iran and Argentina is declining. The mining industry is facing a period of adjustment, with both the retirement of high-cost mining rigs and market expansion occurring at the same time.
GateNews44m ago
Bitcoin Enters Relief Phase of the Bear Market, Crypto Analyst Reveals Bottom Time Frame
Bitcoin enters relief phase of the bear market.
Crypto analyst reveals bottom price formation time frame.
Can the price of BTC hit one last ATH before the bottom forms?
The price of Bitcoin (BTC), the pioneer crypto asset, continues to trade under the $70,000 price range and is
CryptoNewsLand48m ago
Strategy Buys Another 4,871 Bitcoin As Saylor Confirms $329.9 Million Purchase
Strategy has added 4,871 Bitcoin to its holdings, totaling 766,970 BTC at an average cost of $75,644 each, funded by equity sales. Despite a substantial unrealized loss, the company maintains a commitment to Bitcoin as a core asset.
BlockChainReporter1h ago
Can Trump’s ultimatum to Iran push Bitcoin price back up to $75K?
Key takeaways:
Trump’s Tuesday deadline to Iran creates a pivotal moment for Bitcoin as it continues to decouple from gold.
While a ceasefire could boost equities, Bitcoin’s $75,000 path depends on its role as a hedge against fiscal instability.
BTC may benefit from (no) US-Iran ce
Cointelegraph1h ago
