In 2024, cryptocurrency scams reached unprecedented levels, with total scam revenue estimated between $9.9 billion and $12.4 billion. A significant contributor to this surge is the rise of “pig butchering” scams, where fraudsters build fake relationships to deceive victims into fraudulent investments. The increasing use of generative artificial intelligence (GenAI) has made these scams more sophisticated and widespread. Chainalysis reports a 24% annual increase in crypto fraud activity since 2020, highlighting the growing challenges in combating crypto-related crimes.
