Pig-butchering scams have emerged as a complex form of fraud that combines elements of romance, investment fraud, and advanced social engineering tactics to systematically exploit victims. In this paper, we present the first qualitative analysis of pig-butchering scams, informed by in-depth semi-structured interviews with $N=26$ victims. We capture nuanced, first-hand accounts from victims, providing insight into the lifecycle of pig-butchering scams and the complex emotional and financial ma...
