Chainalysis: Driven by "pig butchering" scams and AI, the total amount of cryptocurrency fraud cases in 2024 has reached $9.9 billion

ChainCatcher news, according to CNBC, blockchain research firm Chainalysis warned in a report that as cybercriminals leverage artificial intelligence and become more organized, "pig butchering" scams have surged, with last year's cryptocurrency scam revenue estimated to have reached an all-time high.

According to its preliminary estimates, cryptocurrency wallets associated with scams received $9.9 billion in 2024. The company predicts that as Chainalysis uncovers more scam wallets, the figure for 2024 will rise to a record $12.4 billion. The primary reason for the increase in scam revenue is the prevalence of "pig butchering" scams.

Additionally, scammers are more likely to target more victims at the cost of smaller payments.