A Bitcoin investor has reportedly lost his retirement savings in a “pig butchering” scam after repeatedly disregarding warnings from his advisory firm, according to a Bitcoin wealth adviser.
Terence Michael, an adviser and author with The Bitcoin Adviser, said in a post on X that an unnamed client transferred his Bitcoin to a scammer posing as a trader who promised to double the investment.
The scammer also pretended to be a woman who had developed a romantic relationship with the victim — a hallmark tactic of pig butchering schemes, which rely on emotional manipulation rather than technical hacks.
Michael said he tried to intervene through “numerous phone calls” and “a series of text messages,” but was unable to stop the transfer.
“My client was caught in a pig butchering scam,” Michael wrote on Sunday. “Last night, while I was out to dinner, I received a devastating message from him saying he had lost everything.”
Unlike conventional hacks, pig butchering scams depend on emotional manipulation, persuading victims to willingly transfer their assets under the guise of a romantic or personal relationship.
In addition to losing his Bitcoin retirement savings, the recently divorced investor had also purchased a plane ticket for the scammer, believing he was about to meet the woman he had been communicating with. After the funds were sent, the attacker confessed that the photos used in the relationship were fake and had been generated using artificial intelligence tools, Michael said.
Pig butchering scams surge to national threat levels
Pig butchering scams have escalated into a major threat for cryptocurrency users, collectively stealing an estimated $5.5 billion in 2024 across roughly 200,000 cases.
According to blockchain security firm Cyvers, these scams — a subset of phishing attacks — often involve extended “grooming” periods. Around 35% of cases groom victims for one to two weeks, while roughly 10% involve grooming that lasts as long as three months.
Earlier in November, blockchain analytics firm Chainalysis warned that pig butchering scams are evolving into a national security issue.
“Once this happens to you, you’ll be put on a list […] and you’re even more likely to be targeted again,” said Andrew Fierman, head of national security intelligence at Chainalysis, during a podcast appearance in November 2025.
In June, the US Department of Justice also announced it had seized more than $225 million in cryptocurrency connected to pig butchering scams.
