2024 was a year of great advances for the crypto world, especially in terms of adoption. However, along with the capital also came those who want to take part of it illegally through different modalities of scams. In this opportunity, we review a recent report by the firm Cyvers.
It is striking that this company discovered that the modality called Pig Butchering was the biggest player in 2024. The fraudsters in charge of this category took in about $3.6 billion during the year just ended. This makes it clear that the entry of thousands of people into the world of cryptocurrencies occurs with little preparation.
Established companies in the cryptocurrency world, and also the media, have a share of responsibility for the rise of scams. These companies, with their great influence, are responsible for encouraging people to enter the crypto market. However, few are responsible for educating about the dangers related to scams.
This led to a 40% annual increase in scam-related losses in the crypto world, according to the aforementioned report. As mentioned above, the rise of the pig-slaughter modality is striking. In theory, this is one of the easiest to identify.
According to a report by the aforementioned Web3 security firm, Cyvers, piggybacking involved more than 150,000 addresses and some 800,000 transactions so far this year. The latter gives an idea of the magnitude of the problem posed by this type of scam.
The work confirms a recent FBI announcement that reported $3.6 billion in losses in 2024 through piggybacking. This modality has a strong presence in dating apps and social networks. Scammers create fake profiles and establish contact with potential victims. After weeks or months, when they have gained their trust, they invite them to make investments.
Basically, the scammers rely on cryptocurrency investment platforms that appear to be legitimate. With promises of high returns, they encourage their victims to transfer funds. After that they disappear and never contact them again.
As expressed above, this is one of the easiest scams to identify in the crypto world. First of all, in the cryptocurrency universe there are no friends. Any stranger who suddenly invites you to invest in cryptocurrencies with promises of great returns is a scammer. There is virtually no margin for error.
A date in messaging applications that leads to investment conversations is a scam in 100% of the cases. Despite this, less experienced people tend to fall into these traps. As you might expect, the figure of $3.6 billion is just a small part of the thefts, considering that most of the victims do not report due to embarrassment.
Source: Cryptotrend.
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