Analysis of a Cryptocurrency Investment Scam: Pig Butchering

Botha, JG. ; Singh, K. ; Leenen, L. (2025) — European Conference on Cyber Warfare and Security
Synopsis

This catalog-style synopsis describes a scholarly examination of a cryptocurrency investment scam centered on a trading platform identified as Elite-Bit. The study employs a case-study approach focused on a single victim to trace the sequence of interactions, claims made by the platform, and subsequent financial and emotional consequences. The narrative is presented in neutral language, avoiding judgment while identifying elements commonly associated with fraudulent marketplaces, such as promises of rapid profits, automated trading features, and restricted access to assets. The purpose is to illuminate how a genuine-seeming interface can mask deceptive practices. Methodologically, the work outlines the progression from initial contact through onboarding, investment solicitations, and attempts to withdraw funds. It notes the role of purported performance metrics, personalized communications, and social-media amplification in shaping trust. By documenting the victim's experience, the analysis highlights where information was confusing or misleading and where risk disclosures were absent or opaque. The discussion remains descriptive, avoiding speculative causation, and instead organizing the case around observable actions, communications, and outcomes. The overall contribution of the piece lies in cataloging characteristics of the Elite-Bit scenario, situating it within broader patterns of cryptocurrency investment fraud, and suggesting avenues for precautionary awareness and consumer protection. While details are anchored to the case, the synopsis notes implications for investors, platform oversight, and regulatory frameworks, including the importance of clear withdrawal processes, verifiable licensing, and transparent revenue models. The report serves as a reference for researchers, practitioners, and policymakers seeking to compare cases and identify common warning signs.
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