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The Federal Bureau of Investigation (FBI) explained the origin of the colloquial name. It is about “the way fraudsters feed their victims with promises of wealth before they take all their money.”
As vividly added Lakewood Public Information Officer John Romero, the term “basically refers to a farmer fattening a pig before slaughter.”
The police officer explained that it all starts with social media or dating sites. Criminals mainly use Linkedin and Tinder. There they find and convince their victim to donate some funds to them. Then they place the funds on a cryptocurrency wallet. They also show the victim that digital currencies are gaining in value, causing them to deposit more money into their account. Then the scammer disappears with lots of cryptocurrencies.
According to one of the people who fell victim to criminals, she was initially able to make several withdrawals from the cryptocurrency wallet without any problems. So everything looked legal. Suddenly, however, she received a message stating that she needed to deposit over $ 204,000 in order to access the funds.