Pig butchering is a form of investment fraud where scammers persuade their victims into making large investments on fake trading platforms. Scammers build trust before draining these investments.
Researchers at the University of Texas at Austin estimate that pig butchering scammers have stolen more than $75 billion from victims in the last four years.
Group-IB analysts identified several fake mobile applications disguised as trading platforms, which belong to the UniShadowTrade malware family and use the UniApp Framework.
The report suggests that cybercriminals target victims primarily through social engineering tactics on dating and social networking platforms, exploiting trust to perform their scams.
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