• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
crypto hacker, cryptojacking, Bitcoin, cryptojacker, crypto, memecoin

Crypto Scammers Ditch ‘Elaborate’ Schemes In Favor Of Short-Term Scams – Report

Rubmar Garcia
by Rubmar Garcia
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A recent Chainalysis report revealed that crypto scammers have updated their scheme tactics on- and off-chain in 2024. Criminals have leaned toward short-term, more lucrative scrams targeting smaller entities and specific individuals, significantly reducing scams’ average lifespan by over 50% since 2023.

Related Reading: Binance CEO Denies Allegations Of Mass Freezing Palestinian Crypto Assets

Crypto Scamming Landscape Shifts In 2024

On Thursday, Chainalysis’ 2024 Crypto Crime Mid-Year Update revealed that scammers have significantly changed the strategies for their crime campaigns. Per the report, scams related to digital assets have continued to grow this year with several billion in inflows, becoming one of the largest sectors with illicit activity year-to-date (YTD).

In 2024, the scammers have rapidly evolved their on-chain footprint and off-chain tools to take advantage of investors. Their recent activity revealed that crypto-related criminals are pivoting toward “more devastating scams of shorter duration” to reduce the chances of being busted.

To achieve this, scammers have opted to carry out and renew several smaller, simultaneous campaigns “that keep larger organized scam syndicates going.” Additionally, the report noted that a new trend seems to be developing in the scam landscape.

crypto

Newly created wallets' share of scam inflows surges in 2024. Source: Chainalysis

A significant percentage of the YTD scam inflows have gone to wallets created in 2024, with 43% of the ill-gotten revenue going to these addresses. Comparatively, the second-highest year when this occurred was 2022, which saw 29.9% of total YTD flows move to wallets that became active the same year. Despite this, around 57% of YTD scam inflows are still going to wallets created before 2024.

Scams Average Lifespan Reduces

The new trend also suggested a decline in the lifespan of crypto scams. According to Chainalysis, between 2020 and 2024 YTD, the average number of active scam days significantly decreased.

While scams lasted around 271 days four years ago, in 2024, their lifespan averages 42 days since they began. The lifespan reduction represents an 84% and 58% decrease since 2020 and 2023 respectively.

crypto

Average scam lifespan since 2020. Source: Chainalysis

This macrotrend seems to be consistent with scammer’s pivot from “elaborate Ponzi schemes that cast a wide net to more targeted campaigns like pig butchering or address poisoning.”

One of the largest wallets associated with crypto scamming throughout the year consolidates the funds from several schemes operating out of KK Park, Myanmar’s most prominent pig butchering group.

The report revealed that KK Park’s wallet has bagged over $100 million in 2024. While this number seems to come from different types of crimes, a significant amount comes from pig butchering scam victims.

Chainalysis also noted that pig butchering compounds, including KK Park, have upgraded their tactics to adapt their off-chain presence. In 2024, scammers purchase seasoned social media accounts for their schemes.

The criminals now use older, legit-looking profiles to deceive their victims, which has sparked a surge in activity for marketplaces offering these accounts. The price for these social media accounts ranges from $5 to $20 per account.

Related Reading: Celsius Bankruptcy Admin Distributes $2.5 Billion In Cash And Crypto To Creditors

These shops saw a steady increase in their received crypto in the last two years, receiving around $10.5 million in inflows from 2022 to 2024, which suggests scammers might have acquired between 525,000 and 2.1 million profiles since 2022.

Crypto, TOTAL

Total crypto market capitalization is at $2.09 trillion in the weekly chart. Source: TOTAL on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Rubmar Garcia

Rubmar Garcia

Follow

Rubmar is a crypto enthusiast who likes learning and improving constantly. She enjoys reporting on the latest news and developments in the crypto industry. Rubmar also enjoys scrapbooking, crafting, simulation games, and watching football.

Full Profile

Related Posts

Japan

Crypto In Japan May Soon Open Wider As Holdings Giant Pushes Expansion

4 hours ago
Grok Predicts Dogecoin Price: Is Maxi Doge the Next 1000x Crypto to Explode?

Grok Predicts Dogecoin Price: Is Maxi Doge the Next 1000x Crypto to Explode?

7 hours ago
Whales Buy Nearly $1M in 5 Days: Bitcoin Hyper Is the Next Crypto to Explode

Whales Buy Nearly $1M in 5 Days: Bitcoin Hyper Is the Next Crypto to Explode

7 hours ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 3)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 3)

5 hours ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 3)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 3)

5 hours ago
Michael Saylor’s Big Bet: The Strategy Behind Strategy’s Bitcoin Accumulation

Michael Saylor’s Big Bet: The Strategy Behind Strategy’s Bitcoin Accumulation & Bitcoin Hyper’s Opportunity

11 hours ago

Premium Sponsors

Press Releases

  • The Quiet Market Shift Investors Might Be Missing: How Tapzi Is Challenging Institutional Favorites

    The Quiet Market Shift Investors Might Be Missing: How...

    6 hours ago
  • Investors Search for Long-Term Upside in This Under-$0.01 Crypto of 2025 Tapzi

    Investors Search for Long-Term Upside in This Under-$0.01...

    7 hours ago
  • MoonBull Presale Explodes with over 11,800% Projected ROI as Uptober Sends the Market Soaring

    MoonBull Presale Explodes with over 11,800% Projected ROI...

    9 hours ago
  • 狗狗幣引領『Uptober』Meme...

    15 hours ago
  • ตัวละคร Snorter ขนฟูโต้คลื่นบนเซิร์ฟบอร์ดสีชมพู

    จับตา Uptober!...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.