The Financial Crimes Enforcement Network (FinCEN) has released an alert on a widespread virtual currency investment scam called “Pig Butchering.” Scammers employ confidence scams or romance scams to gain victims’ trust and then persuade them to invest in fraudulent virtual currency trading platforms. Victims are often convinced to increase their investments and may resort to liquidating their assets or taking out loans. When victims slow down or stop investing, scammers become more aggressive, pressuring them to make additional payments to cover supposed losses or pay taxes and fees. Once victims are unable or unwilling to pay more, scammers abruptly cut off communication and abscond with the entire investment. The alert includes a case study of a cryptocurrency pig butchering scheme and provides guidance for financial institutions and the broader public to recognize and prevent such scams.