In 2024, crypto scammers potentially earned a record $12.4 billion, driven mainly by pig-butchering schemes, which involve establishing trust with victims before persuading them to invest in fraudulent crypto schemes. This revenue reflects a significant increase of 40%, with overall scam earnings exceeding $9.9 billion despite intensified law enforcement efforts. Scammers are utilizing advanced tactics, including artificial intelligence and international networks, to enhance their operations. Chainalysis noted that platforms such as Huione Guarantee facilitate these scams by providing services like money laundering and data selling. Victims are often directed to counterfeit investment platforms, leading to their funds becoming irretrievable as scammers vanish after the theft. The report highlights that while authorities are targeting these fraudulent schemes, the growing sophistication of scams necessitates stronger countermeasures to combat crypto-related fraud.

Source 🔗