According to blockchain analytics firm Channelis, the rise of the “pig butcher” scam and the increasing use of generic artificial intelligence removed a record high in 2024 from crypto scams.
Revenue from pig butcher scams, where criminals cultivated relationships with individuals and convinced them to participate in fraud schemes, almost 40 percent in 2024 compared to last year, the firm estimates in a report published by the firm on Thursday Applied
Revenue in 2024 from crypto scams was at least $ 9.9 billion (about Rs 85,996 crore), although the figure could increase to a record high of $ 12.4 billion (about Rs 1,07,711 crore).
“Crypto fraud and scams have continued to grow in sophistication,” said channelis researchers.
The company pointed to the marketplace that supports the use of pig butchers operations and geni, which is easy and cheap for scammers to expand operations as factors.
In fact, GNAI technology may potentially be “fast crypto scam”, said Channelis said.
The company, which tracks publicly available transactions on blockchain to identify scam revenue, stated that Crypto fraud activity increased by 24 percent each year since 2020.
Cryptocurrency, most specially bitcoin, has increased in prices and popularity over the years as investors pursued banner returns and increased interest in blockchain technology.
The region has increased significantly since the victory of US President Donald Trump in the November election on the expectation of an easy regulatory environment.
Other especially attractive scams included crypto drinners, where scammers pose as blockchain projects and control the victims of the victims, and control high-topped investment scams, who promised returns, according to channelsis, according to channelsis .
In January 2024, a Crypto Drener introduced as the US Securities and Exchange Commission after compromising with the X account of the regulator.
According to Channelis, cryptocurrency ATMs have also been important hotspots for scams, criminals often replicated government officials or customer aid agents to convince the victims to convince the victims to deposit cash in machines.
© Thomson Reuters 2025
