Welcome to the Cyber Sizzler — bringing you the latest in security news, cutting-edge technology, and more, all wrapped in a concise, captivating, and easy-to-digest format.

Today we dig into…pig butchering.

I know, it sounds gross, but the FBI thinks it’s important enough to call it out twice in the past week or so. You’ll find that below the wall of links

We continue to play with the structure of this. The new format has combination commentary and security related links for news, tech, money, and podcasts. And as we build out The Twitter we’ll also include our favorite security related threads.

We still have our newsletter handle, but The Twitter likes persons vs. companies…🤷‍♂️

On with the show!

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Wall of Links

News 📰

• 📰 — CISA piloting ransomware warning system

• 📰 — The FBI advisory on crypto scams

• 📰 — Rubrik suffers via Fortra 0-day

• 📰 — Ring still tight lipped

• 📰 — Business preparation for AI powered threats

• 📰 — Is the UK looking to ban TikTok?

Tech 📟

• 📟 — External Trusts Are Evil

• 📟 — Huge patch Tuesday fixes 2 zero-days

• 📟 — As we said on Monday, SVB scams on the rise

• 📟 — Dark Pink attacking ASEAN

Money 💸

• 💸 — DNA, SVB and John Cena — Security Funded

• 💸 — Optiv reels in ClearShark

• 💸 — SVB fallout rippling through cybersecurity industry

• 💸 — Mitiga completes $45M Series A

Pods 🐬

• 🐬 — Phillip Wiley talks pen-testing — And Security For All

• 🐬 — SVB as phish bait — CyberWire Daily

• 🐬 — Brandon Evans on Cloud Security — Blueprint

• 🐬 — Incident commander talk — Hacker Valley Studio

• 🐬 — Llama talk and more — Unsupervised Learning

• 🐬 — Cryptography to Pentester — Getting Into Infosec

• 🐬 — SVB Scams and more — Internet Storm Center

• 🐬 — Linux malware for beginners — DFSP

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FBI Warns of Pig Butchering Scams

Today, we're diving into an important and timely topic: pig butchering scams in the investment world.

So let's take a closer look at:

• What pig butchering scams are

• How they work

• And most importantly, how you can protect yourself from falling victim to them.

The FBI's Warning on Pig Butchering Scams

The FBI has issued a public service announcement warning Americans about the rise of pig butchering scams, particularly in the realm of cryptocurrency investments.

Criminals involved in these scams often coach their victims through the investment process, showing them fake profits and encouraging them to invest even more.

However, when victims attempt to withdraw their money, they are told they need to pay a fee or taxes. Unfortunately, even after paying these fees, victims are unable to recover their money.

What Are Pig Butchering Scams?

Pig butchering scams, also known as "slaughtering the pig" or "killing the pig" scams, are a type of investment fraud. The name originates from a Chinese phrase and it metaphorically refers to fattening up a pig (i.e., the investor) before it's slaughtered (i.e., scammed out of their money).

These scams typically promise high returns and low risk, which makes them incredibly appealing to investors who are eager to make a quick profit. In reality, these so-called investments are nothing more than well-orchestrated schemes designed to swindle unsuspecting victims.

How Pig Butchering Scams Work

Now that we've covered the basics, let's delve into the mechanics of a typical pig butchering scam:

1. Building trust: The scammers start by establishing rapport with their targets, often through social media or other online platforms. They may pose as successful investors, sharing their "expertise" and offering to help others make money.

2. Promoting the investment: Once they've gained their targets' trust, the scammers introduce the investment opportunity, touting its high returns and low risk. They may use flashy marketing materials and testimonials from "satisfied investors" to make the scheme look legitimate.

3. Initial success: To further entice their victims, the scammers may provide initial returns, creating the illusion of a successful investment. This encourages the victims to invest even more money.

4. The big con: Once the victims have invested a substantial amount, the scammers suddenly disappear, taking all the invested money with them. The victims are left with nothing but a hard lesson learned.

The WoToken Pig Butchering Scam

A real-life example of a pig butchering scam is the WoToken case.

WoToken was a cryptocurrency wallet and investment platform that lured investors with promises of high returns through its "smart" algorithmic trading.

In reality, the platform was operating as a Ponzi scheme. The scammers behind WoToken paid out some initial returns to make the scheme look legitimate, but ultimately vanished with approximately $1 billion worth of cryptocurrency, leaving investors with nothing.

Tips to Avoid Falling Prey to Pig Butchering Scams

We all are too smart for this, but if you know anyone of a certain age (65 and up), just send them these tips, ok?

• Do your research: Before investing in any opportunity, take the time to thoroughly research it. Look for red flags, such as a lack of information, overly aggressive marketing tactics, or promises that seem too good to be true.

• Verify the source: Make sure the person promoting the investment is credible and trustworthy. Look for professional certifications or associations, and verify their legitimacy through independent sources.

• Be skeptical of high returns: If an investment promises exceptionally high returns with little to no risk, be cautious. As the old adage goes, "if it sounds too good to be true, it probably is."

• Start small: If you do decide to invest, start with a small amount and see how it goes. This can help minimize your losses in case the investment turns out to be a scam.

• Report suspicious activity: If you suspect you've encountered a pig butchering scam, report it to the relevant authorities. By doing so, you'll be helping to protect others from falling victim to the same scheme.

Pig butchering scams are a growing threat in the investment world, but by staying informed and vigilant, you can avoid becoming a victim.

Remember to always do your due diligence and trust your instincts. Stay safe out there, and keep an eye out for those sneaky pig butchering scams!

Jala-meme-ños

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TALL GLASS OF MILK

Time to cool down with a tall glass of milk. Thanks for reading! We'll be back tomorrow. In the meantime, feel free to reach out if you have any questions or feedback. Keep crushing it!

AFTERBURN

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