Revenue from pig butchering scams, the place perpetrators domesticate relationships with people and persuade them to take part in fraudulent schemes, elevated practically 40 p.c in 2024 from the earlier 12 months, the agency estimated in a report revealed on Thursday.
Revenue in 2024 from crypto scams was no less than $9.9 billion (roughly Rs. 85,996 crore), though the determine might rise to a document excessive of $12.4 billion (roughly Rs. 1,07,711 crore) as soon as extra information turns into obtainable, it mentioned.
“Crypto fraud and scams have continued to extend in sophistication,” Chainalysis researchers mentioned.
The firm pointed to marketplaces that assist pig butchering operations and the usage of GenAI as components making it simpler and cheaper for scammers to develop operations.
Indeed, GenAI know-how might doubtlessly “exponentially scale crypto scams”, Chainalysis mentioned.
The firm, which tracks publicly obtainable transaction information on the blockchain to establish rip-off income, mentioned crypto fraud exercise grew 24 p.c annually on common since 2020.
Cryptocurrencies, most notably Bitcoin, have soared in value and recognition over the previous few years as buyers chased banner returns and curiosity in blockchain know-how soared.
The sector has jumped considerably since US President Donald Trump’s victory within the November election on hopes of a better regulatory atmosphere.
Other significantly profitable scams included crypto drainers, the place scammers pose as blockchain initiatives and take management of victims’ crypto wallets, and high-yield funding scams that promised outsized returns, in accordance with Chainalysis.
In January 2024, a crypto drainer posed because the US Securities and Exchange Commission after the regulator’s X account was compromised.
Cryptocurrency ATMs have additionally been key hotspots for scams, in accordance with Chainalysis, with perpetrators usually impersonating authorities officers or buyer assist brokers to persuade victims to deposit money into the machines.
© Thomson Reuters 2025
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