$12.5B
FTC-reported fraud losses in 2024
FTC says consumers reported losing $12.5 billion to fraud in 2024.
forex profit sharing pig butchering scam
Scammers recruit victims into fake forex trading partnerships where the scammer claims to manage trades and share profits, using a fraudulent platform to show fabricated gains before stealing deposits.
“pig butchering scam”
↑ 12%Key indicators
Usually targetsAspiring traders
Often hitsFreelancers and contractors
Common regionUnited States
Last updated2026-04-04
Estimated impact
$18K
median reported loss
Typical range$1.8K – $900K
Recovery rate~2%
Annual reports12,000
Scam breakdown
1
Scammers approach targets offering a forex profit-sharing arrangement, claiming expertise and a proven track record.
2
The victim deposits funds into a fake forex platform where the scammer demonstrates fabricated profitable trades.
3
When the victim tries to withdraw, the platform demands taxes, compliance fees, or additional deposits, extracting money until the victim has nothing left.
What to do first
Verify any forex platform's regulatory status with the NFA at nfa.futures.org or the FCA at register.fca.org.uk.
Related terms
forex managed account scamFX profit share fraudPig butchering scamsWhatsAppStableAspiring tradersProfessionalsRetireesFreelancers and contractorsInvestors and tradersRetirees and seniorsUnited StatesUnited KingdomNigeriaforex managed account scamFX profit share fraud
Real-world example
How this scam plays out in practice
Based on reported patterns. Names and details are illustrative.
The setup
Steven, 35, a aspiring traders, encountered what appeared to be a legitimate pig butchering scams situation while using WhatsApp. Scammers approach targets offering a forex profit-sharing arrangement, claiming expertise and a proven track record.
Step 2
What happened next was calculated: The victim deposits funds into a fake forex platform where the scammer demonstrates fabricated profitable trades.
Step 3
The pressure escalated quickly: When the victim tries to withdraw, the platform demands taxes, compliance fees, or additional deposits, extracting money until the victim has nothing left.
The outcome
Steven realized something was wrong when partner proposes a profit-sharing arrangement where they trade and you provide the capital. By that point, significant damage had already been done — money sent, personal information shared, or trust exploited.
The lesson
Verify any forex platform's regulatory status with the NFA at nfa.futures.org or the FCA at register.fca.org.uk. Steven's experience shows why partner proposes a profit-sharing arrangement where they trade and you provide the capital and the forex platform they use is not regulated by the nfa, fca, or any recognized authority are the clearest early warning signs.
How to identify it
- Partner proposes a profit-sharing arrangement where they trade and you provide the capital
- The forex platform they use is not regulated by the NFA, FCA, or any recognized authority
- Profits appear on the platform but cannot be withdrawn without paying unexpected fees or taxes
- Pause before paying, clicking, or sharing information. Scammers rely on speed.
- Verify the sender, company, or agency using a phone number or website you already know is legitimate.
- Treat secrecy, urgency, and off-platform payment requests as strong scam signals.
What to do now
- ✓Verify any forex platform's regulatory status with the NFA at nfa.futures.org or the FCA at register.fca.org.uk.
- ✓Never let an online acquaintance manage your money or direct you to an unregulated trading platform.
- ✓Report forex fraud to the CFTC and the NFA.
What to save before reporting
- ✓Save the message, profile, phone number, email, or URL that was used.
- ✓Keep payment confirmations, receipts, and account alerts before you dispute or delete anything.
- ✓Write down the timeline while the details are still fresh.
- ✓Save the full chat or call log before blocking the sender so the reporting path still has the original context.
How big is this problem
You are not alone — this scam affects millions of people.
These numbers come from government agencies and official reports. If you have been affected, know that this is a widespread problem — not something that only happens to careless people.
FTC 2024 fraud losses
Imposters
Most common FTC fraud category in 2024
FTC says imposter scams remained the most commonly reported fraud category in 2024.
History and evolution
- This scam family tends to persist because the social-engineering pressure works even when the exact scripts, platforms, and payment methods change.
- The specific packaging evolves over time, but the core pattern usually stays the same: create urgency, control the channel, and push action before verification.
- The NFA issued multiple investor alerts in 2023-2024 about unregistered forex platforms being used in pig butchering schemes, noting that victims lost an average of 50,000 USD per case.
Recovery and follow-up
- ✓Save the messages, receipts, account alerts, and transaction details before you block or delete anything.
- ✓Report the scam through the official platform or government channel that best matches where it happened.
- ✓Verify any forex platform's regulatory status with the NFA at nfa.futures.org or the FCA at register.fca.org.uk.
- ✓Never let an online acquaintance manage your money or direct you to an unregulated trading platform.
- ✓Report forex fraud to the CFTC and the NFA.
Why this pattern keeps working
Even when the story changes, most scams still use the same pressure pattern: urgency, authority, and a request to move money or data fast.
The NFA issued multiple investor alerts in 2023-2024 about unregistered forex platforms being used in pig butchering schemes, noting that victims lost an average of 50,000 USD per case.
National Futures Association Investor Alerts 2024
Where to report it
If you have been targeted by this scam, reporting it helps authorities track the pattern and protect others. United States has dedicated agencies that handle fraud reports.
ReportFraud.gov
Federal Trade Commission
Central U.S. consumer fraud reporting portal.
File an IC3 complaint
FBI Internet Crime Complaint Center
FBI portal for internet-enabled crime reports.
Start identity theft recovery
IdentityTheft.gov
Official U.S. identity theft recovery plan builder.
Explore further
Understand the bigger picture
Who is most at risk
Who this scam targets
Primary targets
Aspiring traders, Professionals, Retirees
Geographic concentration
United States, United Kingdom, Nigeria, South Africa
Primary channel
WhatsApp — Pig butchering scams
Why this group is vulnerable
Aspiring traders are particularly vulnerable because this scam exploits trust in familiar brands, authority figures, and time-sensitive decisions. The ongoing nature of reports suggests that awareness among this demographic remains low.
Sources and methodology
How we verify this information
OpenScam tracks scam patterns using a combination of government consumer protection databases (FTC, IC3, Action Fraud), platform-specific fraud reports, and verified consumer complaint data. Each entry is cross-referenced against at least two independent sources before publication.
Severity ratings are based on financial impact potential, reversibility of damage, and volume of reports across multiple reporting channels. Trend velocity reflects the rate of change in report volume over the most recent 90-day window.
This page was last verified on 2026-04-04. Red flags, recovery steps, and reporting resources are reviewed quarterly against current agency guidance.
Evidence and indicators
- The NFA issued multiple investor alerts in 2023-2024 about unregistered forex platforms being used in pig butchering schemes, noting that victims lost an average of 50,000 USD per case.
Source notes
- National Futures Association Investor Alerts 2024
Frequently asked questions
Common questions about forex profit sharing pig butchering scam
How does the forex profit sharing pig butchering scam work?+
Scammers approach targets offering a forex profit-sharing arrangement, claiming expertise and a proven track record. The victim deposits funds into a fake forex platform where the scammer demonstrates fabricated profitable trades. When the victim tries to withdraw, the platform demands taxes, compliance fees, or additional deposits, extracting money until the victim has nothing left.
What are the warning signs of forex profit sharing pig butchering scam?+
Partner proposes a profit-sharing arrangement where they trade and you provide the capital The forex platform they use is not regulated by the NFA, FCA, or any recognized authority Profits appear on the platform but cannot be withdrawn without paying unexpected fees or taxes
What should I do if I encounter forex profit sharing pig butchering scam?+
Verify any forex platform's regulatory status with the NFA at nfa.futures.org or the FCA at register.fca.org.uk. Never let an online acquaintance manage your money or direct you to an unregulated trading platform. Report forex fraud to the CFTC and the NFA.
Who is most at risk for forex profit sharing pig butchering scam?+
This scam primarily targets Aspiring traders, Professionals, Retirees. It is most commonly reported in United States, United Kingdom, Nigeria, South Africa and typically appears on WhatsApp.
Is forex profit sharing pig butchering scam still active?+
forex profit sharing pig butchering scam is currently on our watch list. It has been reported across US, UK, NG, ZA. Last updated 2026-04-04.
Related scams
Similar scams to watch out for
Romance and investment fraud
↑ 24%Romance-led investment scam
A relationship begins on social or dating platforms and gradually shifts toward a fake investing opportunity with fabricated gains and escalating deposits.
What to do first
Never invest based on a romantic contact's recommendation.
Targets
Online daters
Seen in
Global
Account takeover
↑ 100%SIM swap account takeover scam
A criminal takes over a target's phone number through carrier manipulation and then resets passwords, intercepts OTPs, and drains financial or social accounts.
What to do first
Set a carrier account PIN.
Targets
Professionals
Seen in
U.S.
AI impersonation
↓ 14%Fake boss wire approval voice note scam
A finance employee receives a convincing voice note from what sounds like the CEO approving an urgent same-day wire.
What to do first
Call the executive or use the internal approval flow before sending funds.
Targets
Finance teams
Seen in
Global
Help someone avoid this scam.
Scammers succeed because people do not talk about it. If you or someone you know has been affected, there is no shame in it — it happens to millions of people every year. Share this page with friends and family so they know what to look for.