In 2024, cryptocurrency scams reached unprecedented levels, with estimated revenues between $9.9 billion and $12.4 billion. This surge is largely attributed to sophisticated “pig butchering” scams and the increased use of generative artificial intelligence (GenAI). These scams involve cultivating relationships to lure victims into fraudulent schemes, with GenAI making operations more efficient and cost-effective. The popularity of cryptocurrencies like Bitcoin has surged, driven by investor interest and a favorable regulatory outlook since President Donald Trump’s election victory.
