My Conversation with a Pig Butcher
- February 16, 2026
- 0
- 11 min read
Many who grew up in English-speaking countries will recognize the nursery rhyme called “This Little Piggy” that involves playing with a child’s toes. Few realize that the words of the rhyme recount the harsh realities of a pig’s life on the farm. The first pig is brought to market, i.e. slaughtered. The little piggy who stayed home, was likely kept to be fattened and/or used for breeding, etc., etc.
Well, just as most adults sing the song to their children blissfully unaware of the cruel agricultural reality masked by the simple lyrics, so I embarked almost three years ago on an adventure with a “pig butcher” and narrowly escaped a romance scam unharmed to cry “wee, wee” all the way home.
Beware Unusual Crypto Tokens
In this, I was helped tremendously by my vague familiarity with the modus operandi of criminals behind pig butchering schemes and even more so by my extreme wariness of cryptocurrency investments.
And I have to say that the whole process was so casual and until nearly the end within the realm of possibility that I’m not surprised that so many people fall for it. The scripts used by the scammers working the phone chats, if they are even using scripts, are of very good quality. These people sound much more natural than your average participants in a corporate video.
To give you an idea of what (almost) pig butchering looks like. I will share with you snippets from conversations with “Coco”- a Hong Kong Chinese woman who supposedly was staying with her parents in Israel as of September 2023. However, as soon as I suggested we go for a date she mentioned she had a flight back to Hong Kong. Thus began a two-month long-distance courtship. The lack of an actual physical meeting was initially easily explained by the outbreak of war in Israel on Oct. 7, 2023 that led to the cancellation of many flights and the evacuation of foreign nationals.
Before and after Oct. 7 though, “Coco” made sure to establish her bona fides. She sent a short video of her immaculately designed apartment in Hong Kong. We talked about the high price of real estate in both Tel Aviv and Hong Kong and the importance of family. She shared that she was celebrating the Chinese mid-autumn festival, which would have many delicious dishes. A week or so later she was celebrating China’s National Day.
Suspicious Company Name & Website
At some point, Coco began discussing the activities of her supposedly Hong Kong based employer, who conveniently enough was launching a cryptocurrency called BLH. I received intriguing photos from the cryptocurrency’s supposed launch event. She sent me a link to her company supposedly known as In-Pex, however the company named InPex with website www.inpex.com is a Japanese oil and gas exploration company. Her company, with the hyphen in the name and in the dot com URL doesn’t have a non-branded website trail online. ChatGPT also gives its website a low trustworthiness score, primarily because the WHOIS records do not disclose the actual ownership details.
To quote ChatGPT: “Scam-checking services mark the domain as having a very low trust score [emphasis in original] and note it was registered only recently, with no verifiable organization publicly attached to it.”
Without doing almost any research, I didn’t click on the website, nor did I invest in Coco’s crypto launch because subconsciously I knew things seemed off. I don’t click on website links to unknown sites from strangers, and certainly don’t take crypto investment tips from strangers. However, we kept talking.
Now for the interesting part. Read the partial transcripts below and judge for yourself on Coco’s ability to interact effectively with her mark, me. Looking at it analytically with most of the text in front of you, it might be easier to determine that she is pushing a cryptocurrency. However, in a 2-month extended conversation with much chit chat, it might seem much less obvious.
The Pig Butcher Transcripts
I met Coco on Tinder in mid-September 2023.
After over two weeks of chit chat and breaking the ice, she finally tipped her hand on October 3, 2023.
Ronen: How was your day?
Coco: Comparatively busy. I have been in meetings all day today. In the afternoon meeting, our company decided to collaborate with ByteDance, Alibaba and Tencent to jointly develop and invest in a new type of crypto called BLH. We need to complete the proposal for this project as soon as possible. Once the proposal is approved , it will mark the beginning of capital operations.
Coco: How was your day today? Is everything going smoothly at work?
Ronen: Very cool. I’m actually a shareholder in Alibaba, so good luck 😉
…
Coco: Haha. Did you buy Alibaba’s stocks?
Ronen: Yeah, which turned out to be a big mistake, but I’m holding through the turmoil.
Ronen: I also owned some Chow Tai Fook for a while, but I sold that holding when it wasn’t performing well.
Ronen: I mispredicted how the Chinese economy would do under Xi.
Coco: A-shares have performed poorly throughout the year. Are you accustomed to investing in stocks? Do you participate in gold, cryptocurrencies, or real estate?
Ronen: Yeah, I’ve invested in stocks for years.
Ronen: I own a little gold too.
Ronen: I don’t touch crypto.
Ronen: I want to get into real estate
Ronen: I considered buying Bitcoin when it was much cheaper, but I didn’t
Ronen: and I’m glad I didn’t
Ronen: In theory, I could have made a lot of money. But I wouldn’t have held onto it through the extreme volatility.
Ronen: I’d rather invest in things that are a bit more rational and not have a heart attack 🙂
….
Coco: I understand. The performance of gold this year is still acceptable. I used to be involved in real estate investment, but I have already withdrawn now.
Coco: I currently hold stocks of NVIDIA, some gold, and crypto
Coco: Bitcoin’s performance in the second of the year has been quite average. It performed very well in the first half of the year.
…
Ronen: Hey Coco, sorry I haven’t been in touch for a day and a half.
Ronen: My boss got fired, so things have been a bit hectic
Ronen: How are you?
Coco: Good morning Ronen. I’m doing well. I need to complete the project proposal for BLH today and attend the celebration party tonight. Why was your boss suddenly fired? It sounds very sudden.
….
Coco: Good afternoon Ronen. Everything went smoothly yesterday. I was also very happy at the party. Due to the successful listing of the previous project, BLH has attracted the attention from industry institutions before its public release.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
Coco: These are some photos I took at the banquet last night 😁
Ronen: Looks fun 😎
Ronen: What’s your favorite drink?
….
Coco: I like to drink apple cider vinegar. How about you?
Coco: I can also drink a little bit of cola. I don’t drink it often.
[On Oct. 7, 2023, the Gaza War broke out with a surprise attack by Hamas on Israel. You might think that Coco would disengage then, but she actually dug in deeper by feigning concern.]
Coco: Israel is at war. Are you okay?
Ronen: Yeah, there were some rocket sirens earlier in the morning. But I’m fine.
Ronen: Thanks for asking 😊
Ronen: A lot of cafes and other weekend things are closed. Probably because the reserves are being mobilized.
Coco: Yes. My mother told me about this. I hope the unrest will be quelled as soon as possible 😣
….
Ronen: Looks like it’s gonna be a serious war this time.
Ronen: The public wants something done
Coco: Once the United States intervenes, there are no simple matters
Ronen: True
Ronen: I managed to make it to Greece
Ronen: So at least the beginning of the war I will be watching from afar
Ronen: I already had some friends called up to reserve duty.
Coco: Ah. I hope the war between Israel and Palestine will not escalate any further. But such matters, we cannot intervene. Let’s just live our own lives well
Coco: Enjoy yourself after arriving in Athens
….
Ronen: The news from Israel is super depressing 🙁Lots of sad stories.
Coco: War is like this. Sad stories are inevitable
Coco: Peace is clearly within reach, but always seems out of grasp.
[One week after Oct. 7, 2023.]



Coco: Good evening Ronen. Today I played with friends at the campsite. How was your time in Greece?
Ronen: Greece is nice! People keep on giving me free stuff because I’m from Israel 😁
….
Coco: Thank you very much for sharing. It seems like you had a great weekend. I’m happy for you 😊😊 I just finished a busy day. Today, the company has finalized the startup investment plan for BLH private equity preparation. Currently, multiple institutions including Genting Singapore, Nod Capital, DuPont Capital, LD Capital, etc. are participating in the investment and have high expectations for BLH future trends and development prospects. Later when I go home, I will also participate in the investment 🙂
Coco: I should go to sleep now. Goodnight Ronen. See you tomorrow.
Ronen: Cool. Sounds exciting! On my end, I’m waiting to invest in the TASE. It’s been dropping because of the war, but I’m sure it will recover once the fighting ceases.
Coco: Good afternoon Ronen. I am not very familiar with TASE. But I believe that this matter is not as simple as it seems
Coco: The BLH investment I made yesterday feels pretty good. If you are interested, you can symbolically add a small amount to give it a try
Ronen: Interesting, where would I make the BLH investment?
Ronen: I’m stuck indoors today because it’s raining heavily. How’s the weather by you?
She sends in-pex link.
Coco: Invitation code: mw6t. This is the invitation code required for registration. The weather is still good here. There are showers in the forecast, but it hasn’t rained yet
[I proceed to ignore the link for a week]
Oct. 24, 2023
Coco: It’s okay. It’s understandable to have busy days. How are you?
Coco: I am very happy today. Bitcoin, Ethereum, and BLH have all skyrocketed today 😁😁
Ronen: lol
Ronen: you love crypto 😛
Ronen: I used to follow gold and platinum closely when I owned mining stocks.
Ronen: Perhaps I should go back to that.
….
Coco: Yes. I bought some Bitcoin and BLH 🙈 🙈
Ronen: lol
Coco: The properties of gold are very good. It is very stable
…. Nov. 2, 2023
Coco: I’m going to work now. Let’s chat later 😀

Ronen: Cute photo!
Nov. 7, 2023
[…on buying an apartment]
Coco: I understand. But the satisfaction of having your own apartment is really great. I hope you can fulfill your wish of owning your own apartment as soon as possible. How has your investment been performing recently?
Nov. 13, 2023
Ronen: Not as well as I’d hoped. I’m gonna put the money in index funds, I think it’s a safer bet.
…..
Coco: This is correct. Investing idle funds in the capital market is both safer and profitable. Hahaha. Isn’t this beneficial for you?
Nov. 23, 2023
Ronen: Hey Coco, long time no talk. How are you doing?
Coco: Not good. I don’t like people who suddenly lose connection.
Ronen: Apologies. It can be difficult to keep in touch when we are far away and there is a lot going on.
Ronen: Are you planning on coming to Israel anytime soon?
Coco: If we don’t have a firm determination to stay in touch, I think it will be very difficult. As for returning to Israel, I will wait until the situation completely calms down before considering it
Dec. 1, 2023
Ronen: You’re right. Maybe we should schedule regular video calls once or twice a week a week to ensure we keep in touch. What do you think?
And that was the end of the conversation. She never got back in touch. A few weeks or months later, thinking back on it, I realized it was definitely a romance scam.
However, at the time, I thought I was just talking to a person who also liked investing. Crucially, whenever I brushed aside her attempts to inject crypto into the conversation, she never pushed back. Coco always went with the flow of the conversation. Whether talking about the weather or reacting to current events, like the Gaza War, nothing stopped her from continuing to engage with her mark. Luckily for me, I must have scored low on her effort-to-reward matrix and she decided to cut me loose.

























