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WhatsApp takes action against crypto fraud and removes 6.8 million accounts

In 2024 investors worldwide lost $3.9 billion to crypto scams.

By Mike Hesp
• 2 min read
WhatsApp takes action against crypto fraud and removes 6.8 million accounts

In 2024 investors worldwide lost $3.9 billion to crypto scams. Now Meta is stepping in.

Meta has removed more than 6.8 million WhatsApp accounts tied to so-called crypto Pig Butchering fraud networks. The accounts were allegedly run by organized scam rings in Southeast Asia, including Cambodia, Myanmar, and Thailand. Meta says many of these accounts were proactively detected and deactivated before they could actually be used.

"We proactively detected and removed accounts before scam hubs could put them to use," the company said in an official statement.

Pig Butchering usually starts with an unexpected message, evolves into a conversation, and ends with so-called crypto investments. The goal is to get the victim to transfer money to fake investment platforms. In many cases, exiting is not possible afterward.

According to the FBI, online fraud cost $9.3 billion in 2024, with $3.9 billion coming from crypto scams. Older users are often the target. Much of this fraud starts through messaging apps like WhatsApp, Facebook Messenger, or Telegram.

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