Chainalysis reports that cryptocurrency scam revenue likely reached a record high in 2024, driven by the growth of “pig butchering” scams and the use of generative AI. Pig butchering, where scammers build relationships before defrauding victims, saw a nearly 40% revenue increase compared to the previous year. The overall revenue from crypto scams in 2024 is estimated to be at least $9.9 billion. The integration of generative AI is likely playing a significant role in the increase, enabling more sophisticated and persuasive scam tactics. This combination of social engineering and advanced technology presents a growing challenge in the fight against cryptocurrency fraud.
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Crypto Scams Likely Set New Record in 2024, Helped by AI: Chainalysis
Chainalysis reports that cryptocurrency scam revenue likely reached a record high in 2024, driven by the growth of “pig butchering” scams and the use of generative AI. Pig butchering, where scammers build relationships before defrauding victims, saw a nearly 40% revenue increase compared to the previous year. The overall revenue from crypto scams in 2024 is estimated to be at least $9.9 billion. The integration of generative AI is likely playing a significant role in the increase, enabling more sophisticated and persuasive scam tactics. This combination of social engineering and advanced technology presents a growing challenge in the fight against cryptocurrency fraud.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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