Australian Loses $173,669 to Up-Business/AliBarbit: Anatomy of a Pig Butchering Investment Scam

This case started in August 2024 with a Facebook group called *Investment Lovers. A woman using the name Arzo Mughal commented on a post about trading and moved the conversation to WhatsApp—the first red flag.

Once scammers get you off a public platform, you’re in their controlled space. There, she introduced a supposed U.S.-based crypto company called Up-Business.top, claiming it used *AI Quantification* to generate huge returns.

The website looked legitimate, complete with charts, dashboards, and fake endorsements.

*BUILDING THE VICTIM’S TRUST*

Her target—a middle-aged Australian investor—followed her instructions and installed the Phantom Wallet app.
On 13 October 2024, he made his first deposit of USD $664, converting Australian dollars to crypto.
A few days later the dashboard showed profits, and he was even allowed to withdraw $100—a psychological trick designed to build confidence.
Encouraged, he deposited more, eventually reaching USD $10,000.
Then she offered the “AI Quantification Plan,” promising massive gains for locking in funds.
She sent fake screenshots of her own success and pushed emotional hooks like *“short-term pain, long-term gain.”*
By 20 December 2024, he had invested AUD $173,669, much of it borrowed against his home.

*THE WITHDRAWAL TRAP*

In mid-January 2025 he tried to withdraw USD $35,000.
Support agents in both the platform chat and their Telegram group told him he first had to pay a “processing fee” of USD $49,782.75.
That’s the classic final squeeze.
When he refused, his account froze and the scammer vanished.
Her Facebook profile disappeared overnight.

*THE FAKE BANKING COVER-UP*

To collect evidence, he pretended to have a “cousin” ready to invest AUD $1.3 million.
They immediately supplied banking details for Asia Digital Bank Ltd (Labuan Investment Bank) held with Maybank Labuan, instructing him to tell the bank the payment was for Sunway REIT Management Sdn Bhd.
That’s not finance—it’s laundering.
Within weeks Up-Business.top disappeared and re-emerged as AliBarbit.life.
Same layout, same operators, new name.

*FOLLOWING THE TRAIL*

He reported everything to the Australian Federal Police, the Western Australia Cybercrime Unit, and U.S. and Malaysian agencies including the FBI IC3, FTC, SEC, and CCID.
Two Ethereum wallets were identified:

*0xB10ABECA64cf19d37c45045a5851BB528fB21E47*
*0xF5d9dF3973a456f816b76FDb7e2224903E4Cd4E9*

Both are tied to other fraudulent transactions.
When AliBarbit.life was scanned on VirusTotal, it was flagged *Malicious (CRDF)*—a clear phishing front.

*THE PIG BUTCHERING PLAYBOOK*

Every operation like this follows the same pattern:

1. Friendship or romance opens the door.
2. Conversation moves to private chat.
3. Fake profits appear.
4. A small withdrawal is allowed.
5. Larger “locked” deposits follow.
6. Fees or taxes are invented.
7. The website disappears.

This grooming process fattens victims financially and emotionally before the final cut.

*THE HUMAN COST*

The Australian victim accepted that his money was gone but wanted others to learn.
He told me, *“If someone offers huge returns, there’s something wrong with it. Spend a bit of money on real advice before you spend a lot on a lie.”*
That line says it all.

*WHY THIS MATTERS*

Scams like Up-Business and AliBarbit are multiplying across Australia and New Zealand.
They don’t rely on hacking—they rely on human trust.
The more these cases are exposed, the harder it becomes for criminals to hide behind new domain names and fake trading dashboards.

*READ THE FULL INVESTIGATION:*

https://www.dehek.com/general/scam-fraud-investigations/australian-loses-173669-to-up-business-alibarbit-anatomy-of-a-pig-butchering-investment-scam/

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