{"id":1549,"date":"2025-02-18T15:58:52","date_gmt":"2025-02-18T15:58:52","guid":{"rendered":"https:\/\/www.tsfactory.com\/forums\/?p=1549"},"modified":"2025-02-18T15:58:52","modified_gmt":"2025-02-18T15:58:52","slug":"pig-butchering-led-to-banner-2024-for-cryptocurrency-scams","status":"publish","type":"post","link":"https:\/\/www.tsfactory.com\/forums\/blog\/pig-butchering-led-to-banner-2024-for-cryptocurrency-scams\/","title":{"rendered":"\u2018Pig butchering\u2019 led to banner 2024 for cryptocurrency scams"},"content":{"rendered":"

The annual fraud report<\/a> found that cryptocurrency scams netted cyber criminals $9.9 billion last year. That figure would represent a significant decrease from the more than $12 billion stolen in 2023, though Chainalysis cautioned that figure will likely need to be revised in the coming months.<\/p>\n

\u201cAccording to our metrics today, it looks like 2024 saw a drop in scam revenue; however, 2024 was likely a record year as these figures are lower-bound estimates based on inflows to the scam addresses we\u2019ve identified up to today,\u201d Chainalysis explained.<\/p>\n

\u201cA year from now, these totals will be higher, as we identify more illicit addresses and incorporate their historic activity into our estimates.\u201d<\/p>\n

Among the most popular methods of separating cryptocurrency from its rightful owner is a technique known as \u201cpig butchering.\u201d<\/a><\/p>\n

In this type of scam, the target is romanced by the scammer in order to earn trust. When the time is right, the scammer asks the victim for a sum of money and directs them to make the currency transfer to an account controlled by the scammer.<\/p>\n

According to Chainalysis, pig butchering is on the rise, accounting for roughly 33% of all scams. Additionally, the per-scam yield was up 36%, suggesting that the scammers are getting significantly better at winning over lonely hearts.<\/p>\n

\u201cIn the last few years, crypto fraud and scams have continued to\u00a0increase in sophistication<\/a>, as the fraud ecosystem becomes more professionalized,\u201d the crypto analysts explained.<\/p>\n

\u201cOperations like Huione Guarantee, a peer-to-peer (P2P) marketplace, offer a host of illicit services that support pig butchering scamming operations and serve as a one-stop-shop for scammers\u2019 needs.\u201d<\/p>\n

The most popular method for attack, however, remains the good old fashioned confidence scam. The report found that 58% of all scams could be classified as high-yield investment or trading scams<\/a>.<\/p>\n

As the name would suggest, those scams rely on the promise of easy money by investing or trading into a worthless or non-existent cryptocurrency by transferring money into an account controlled by the scammer.<\/p>\n

Read the Full Story Here<\/a><\/p>\n

Source: SC World<\/p>\n","protected":false},"excerpt":{"rendered":"

The annual fraud report found that cryptocurrency scams netted cyber criminals $9.9 billion last year. That figure would represent a significant decrease from the more than $12 billion stolen in 2023, though Chainalysis cautioned that figure will likely need to be revised in the coming months. \u201cAccording to our metrics today, it looks like 2024 […]<\/p>\n","protected":false},"author":2,"featured_media":1183,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n\u2018Pig butchering\u2019 led to banner 2024 for cryptocurrency scams - Community<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tsfactory.com\/forums\/blog\/pig-butchering-led-to-banner-2024-for-cryptocurrency-scams\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Pig butchering\u2019 led to banner 2024 for cryptocurrency scams - Community\" \/>\n<meta property=\"og:description\" content=\"The annual fraud report found that cryptocurrency scams netted cyber criminals $9.9 billion last year. 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