Pig butchering scams, in which individuals are targeted and defrauded by being convinced to invest in ponzi schemes via large scam compounds in Southeast Asia, led the scam economy with a 40% year-on-year increase in scam revenue. The report traced a 210% rise in deposits made by victims to illicit addresses traced to such schemes in 2024.

Fraudsters raked in at least $9.9 billion and possibly as much as $12.4 billion with their methods becoming more “professionalized.”

AI adoption and infrastructure support from platforms like Huione Guarantee, leading to $9.9 billion in total losses despite lower average deposits per victim.

Anyone who's made good money through cryptocurrency can become an evangelist for others to hop on board the crypto train. While it is certainly possible to make money through

The rise of "pig butchering" scams and the increasing use of generative artificial intelligence likely lifted revenues from crypto scams to a record high in 2024, according to blockchain analytics firm Chainalysis.

On-chain analytics platform Chainalysis has warned that cryptocurrency scams could surge over the coming year with the support of artificial intelligence. According to a February 13 report from Chainalysis,