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crypto

As Crypto Fraud Expands, Pig Butchering Scams Skyrocket 210%

Christian Encila
by Christian Encila
7 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

With criminals using fresh tactics to maximize their illegal earnings, the terrain of crypto scams is changing at a concerning speed.

Recent data from blockchain forensics firm Chainalysis reveals a significant shift in how scammers operate, showing a preference for targeting more victims with smaller amounts rather than focusing on big fish.

This transformation represents a pivotal turning point in the crypto crime scene, where criminal success appears to depend on adaptation.

Related Reading: Coinbase CEO Sees Crypto Dominating 10% Of The World’s Economy By 2030

The Rise Of Pig Butchering And High-Yield Investment Schemes

The figures show a clear picture of the present scene of crypto frauds. Representing 50% and 33% respectively, high-yield investment scams and pig slaughtering operations dominated the sector.

 

The pig butchering phenomenon, in particular, saw a staggering 210% increase in total deposits throughout 2024, despite a 55% drop in average deposit size per victim.

These frauds, which used to build confidence before committing fraud, are now speedier and more widespread.

Since 2020, Chainalysis’ fraud projections have climbed by 24% annually. If its growth rate matches the Crypto Crime Report from this year, its 2024 totals might approach $12 billion.

Source: Chainalysis

From Southeast Asia To Worldwide Operations

What started in the shadowy corners of Southeast Asian fraud hotspots has now expanded throughout the world. The evolution has been rapid and purposeful. Scammers now use quick-turnaround employment scams and fake work-from-home opportunities in addition to their typical long-con tactics.

Source: Chainalysis

Its development has been deliberate, not only spatial. For example, the Huione Guarantee platform has handled a whopping $70 billion in digital currency transactions since 2021, which begs serious questions regarding the role supposedly reliable platforms play in allowing these frauds.

Total crypto market cap currently at $3.12 trillion. Chart: TradingView

The New Face Of Crypto Crime

The evolution of crypto scams goes beyond basic “pig killing.” The explosive character of these attacks is shown by a 15,000% rise in address-poisoning schemes following a major attack in May last year.

Related Reading: Bitcoin On ‘Zombie’ Zoom’s Balance Sheet? Exec Makes An Intriguing Case

Not far behind with a 70% deposit increase and a 170% income surge were crypto drainers. The emergence of livestream frauds and the prevalence of blackmail and sextortion ploys paint a disturbing image of these dirty activities.

The data points to a more calculated criminal approach than a declining degree of fraud sophistication. Con artists invest less time tending to each victim and target fewer funds to simplify their operations.

The widespread use of cryptocurrency for fraud (including crypto casinos and bitcoin betting sites used for money laundering) has created new problems for law enforcement and bitcoin users. As these programs get bigger, it becomes more important to understand more advanced monitoring methods and how they protect possible victims from threats that are always changing.

Featured image from Pexels, chart from TradingView

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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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