Look, we need to talk about something that’s happening way too often these days. Remember when the biggest scam was your cousin trying to sell you essential oils? Well, crypto scammers have entered the chat, and they’re not messing around.
Meet Joe Novak, who just learned the most expensive lesson of his life: that random Facebook friend who slides into your DMs with “investment advice” probably isn’t looking out for your financial wellbeing. Joe got taken for $280,000 in what’s called a “pig butchering” scam. And no, that’s not some weird agricultural thing—it’s actually way worse.
How It All Went Down
Picture this: Joe’s going through a rough patch—recent divorce, unemployment, the whole nine yards. Then along comes “Ailis Danner” on Facebook, sliding into his life like she’s his financial fairy godmother. She starts talking about this amazing investment platform where you can make “passive income” (red flag #1, but we’ll get to that).
The scam is beautifully simple and absolutely diabolical. First, they give you a fake trading app—Joe’s was called “defiai.top” (seriously, that domain name alone should’ve been a warning). Then they let you “invest” small amounts and actually show you returns. Joe put in $50K and got a few hundred back in five days. Seems legit, right?
Wrong. That’s the “fattening” part of pig butchering—they’re literally fattening you up before the slaughter. Over several months, Joe kept investing more, eventually reaching nearly $280K. The scammers were patient, building trust, being his “friend.” Then came the classic move: when Joe tried to withdraw money, suddenly there were “gas fees” to pay. Spoiler alert: there are no gas fees that require you to send more money to get your money back.
The Red Flags You Need to Know
Joe’s sharing his hard-earned wisdom so you don’t have to learn it the expensive way:
1. WhatsApp Warriors: If someone wants to move your conversation to WhatsApp immediately, that’s because they’re probably in another country running this scam. Legitimate investment advisors don’t slide into your WhatsApp like they’re trying to sell you a knockoff Rolex.
2. The “Pay to Get Paid” Trap: Real investments don’t require you to pay fees to access your own money. If someone says you need to send more crypto to unlock your funds, you’re being scammed. Period.
3. Pressure Cooker Tactics: As one expert put it, “When you are being pressured to invest, that’s a huge red flag.” Good investments don’t have expiration dates, and real advisors don’t use high-pressure sales tactics.
The Bottom Line
Crypto scams jumped 40% in 2024, and they’re getting more sophisticated thanks to AI. But here’s the thing—the fundamentals of not getting scammed haven’t changed. If it sounds too good to be true, if someone you don’t know is promising guaranteed returns, if you’re being pressured to act fast… just don’t.
And if you do get scammed? Don’t hide in shame. Crypto transactions leave trails, and there are recovery firms that can help. Joe’s still fighting to get his money back, and his openness about the experience might just save someone else from the same fate.
Remember: your real friends don’t try to get you to invest in sketchy crypto platforms. They just ask you to help them move.