Pig butchering did 7.2B USD in reported US losses in 2025. The interesting part is the payment rail design: mule IBANs,

Two numbers from the FBI IC3 2025 report that usually get blurred together: crypto investment fraud (the pig butchering pattern) was 7.2B USD, the largest single loss category, while the broader "cryptocurrency mentioned as payment rail" descriptor was 11.37B, up 22 percent year over year. Different things. The first is the scheme, the second is every crime that touched crypto on the way. What the case files show about rail design, in order of appearance: Stage one is fiat and boring:

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