Athens man in his 50s loses $70,000 to pig butchering scam via Instagram-linked cryptocurrency app

Summary

An Athens man in his 50s lost over $70,000 in a cryptocurrency scam after being contacted by a woman named "Lyra" he met on Instagram. The scam, known as "pig butchering," involved a fraudulent investment app that initially showed profits but later prevented withdrawals. The victim withdrew money from his bank and deposited it into the app, only to discover the scam when he tried to access his funds. The app's layout changed, and his balance dropped from $74,000 to 25 cents. The FBI warns that such scams involve building trust before manipulating victims into fake cryptocurrency investments, resulting in total financial loss.