Understanding the Threat
“Pig butchering” scams take their name from the farming practice of fattening a pig before slaughter. Fraudsters use the same principle—slowly “fattening up” victims through trust, romance, or fake investment opportunities—before draining their accounts and disappearing.
Since 2019, this scam has grown into one of the most profitable global fraud schemes. Between 2020 and 2024, pig butchering scams are estimated to have stolen more than $75 billion worldwide, representing nearly 1% of all cryptocurrency transactions annually.
The victims are often professionals, retirees, or business owners who believe they are entering into a genuine relationship or lucrative investment, only to find themselves financially devastated.
How the Scheme Works
Pig butchering scams typically follow three stages:
Grooming & Trust Building – Scammers make contact through dating apps, text messages, or social media. They pose as successful, wealthy individuals and invest time in building rapport.
The Investment Pitch – Victims are shown fake platforms or “guaranteed” trading opportunities. Small withdrawals are often permitted at first to build confidence.
The Slaughter – Victims are urged to make larger deposits. Once funds are transferred, access is cut off and the scammer disappears.
Common warning signs include unrealistic promises of returns, pressure to act quickly, and reliance on unverified trading platforms.
RSA’s Role in Pig Butchering Investigations
At RSA Risk Management & Investigations, PLLC, our mission is to bring clarity, evidence, and accountability to cases of crypto-enabled fraud. What makes RSA different is our foundation: RSA stands for Retired Special Agents.
Our team is composed of former federal law enforcement professionals—including IRS-CI, FBI, and Secret Service—who have decades of experience tracing funds, building prosecutable cases, and working hand-in-hand with prosecutors.
We know how to identify leads, preserve evidence, and escalate cases to the right authorities when criminal charges may be warranted.
How We Investigate
1. Transaction Tracing
Using advanced blockchain analytics, we trace cryptocurrency across wallets, exchanges, mixers, and cross-chain transfers. We uncover both disclosed and undisclosed accounts to create a complete picture of how funds moved.
2. Subject Identification
Through open-source intelligence, subpoena strategies, and forensic review of communications, RSA can connect wallet activity to individuals or organized fraud rings.
3. Law Enforcement Liaison
Unlike typical forensic firms, RSA staff have firsthand experience inside federal agencies. We understand how to package findings so they can be actionable by law enforcement and prosecutors, increasing the chance of criminal referral or restitution.
4. Litigation Support
RSA prepares evidence for marital law, bankruptcy, and civil litigation matters. We reconstruct profit-and-loss statements, trace dissipation of marital assets, and create exhibits that meet Rule 26 and Rule 702 standards for admissibility.
What Victims Can Expect
While no recovery can be guaranteed—particularly with cryptocurrency—the value of an RSA investigation lies in:
Establishing whether fraud occurred
Documenting a defensible flow of funds
Identifying counterparties, exchanges, and accounts for subpoenas
Providing prosecutors with evidence that meets investigative standards
Supporting victims in litigation, asset recovery, and reporting requirements
Why Timing Matters
Speed is critical. The sooner an investigation begins, the better the chances of tracing funds before they are layered or laundered beyond reach. RSA works quickly to secure evidence, identify red flags, and advise counsel on next steps.
RSA: Experience That Counts
Pig butchering scams are complex, cross-border, and often involve organized criminal groups. RSA’s difference lies in our people: retired federal agents who have built cases against financial crime for decades.
We bring the discipline, methods, and credibility of government-trained investigators into the private sector—working alongside attorneys, courts, and law enforcement agencies to ensure victims are not left without recourse.
Get To Know Us
Meet Your Dream Team
Stuart G. Berman
Principal and Co-Founder
Stuart G. Berman CFE, PSP, CAMS, is the Principal and Co-Founder of RSA Risk Management & Investigations, PLLC. Prior to co-founding RSA, Stuart was an award-winning Special Agent In Charge where he supervised the regional criminal, civil and administrative investigative program, encompassing six Midwestern states and 12 judicial districts.
Michael De Meo, MAFF
Principal and Co-Founder
Michael De Meo, Principal and Co-Founder of RSA Risk Management & Investigations. Prior to co-founding RSA Michael was a Senior Special Agent with the General Services Administration (GSA), Office of Inspector General (OIG). Michael’s record is one of consistent accomplishments in leadership and investigations. Michael has led several multi agency criminal and civil investigations.
Denise Dohanic
Director
Denise has 26 years of federal service with U.S. Pretrial Services and U.S. Probation in the districts of Colorado and Arizona. She has served as a supervisor, contract services officer, program development coordinator, and line officer. As a pre-trial/probation officer, Denise supervised pretrial defendants, probation and post conviction offenders.