🚨In 2024, cryptocurrency fraud losses reached $3.6 billion, with the "pig butchering" scam at the top
The most rampant cryptocurrency scam this year turned out to be the "pig butchering" scam, with assets worth $3.6 billion already defrauded on the Ethereum chain, making it the number one cryptocurrency scam!
According to Cyvers' security report, over 150,000 addresses and 800,000 transactions are related to this scam, and one can only imagine how much of investors' hard-earned money has been siphoned off, making it extremely frightening!
Fraudsters set traps on dating apps and social media, pretending to be in a romantic relationship, and months later, they coax their victims into investing in their "cryptocurrency" projects. Until the victims become deeply entangled, ultimately pouring in large sums of money.
This report was released after the FBI announced that it expects losses from pig butchering scams to reach $3.96 billion in 2023.
To avoid becoming a victim of the "pig butchering" scam, Cyvers reminds us to stay vigilant, strengthen the security protection of personal wallets, and calls for regulatory authorities to enhance oversight.
Cyber threats have increased by 40% this year, but fortunately, the total losses have decreased by 37% compared to last year. Particularly, Ethereum has become a primary target for scammers, who exploit various vulnerabilities to commit fraud.
Fortunately, with the help of on-chain detectives like ZachXBT and bug bounty programs, we successfully recovered $1.3 billion in losses!
In this year’s quarters, the first quarter had the most incidents, but the heaviest losses were in the third quarter, amounting to $760 million. Among them, DMM Exchange lost $305 million due to private key leakage, while WazirX lost $235 million due to vulnerabilities in multi-signature wallets.
According to Cyvers' report, although access-related security incidents account for only 41.6% of all reported cases, they caused 81% of the total losses. In other words, although these security vulnerabilities are not the most frequent, the financial losses they cause are substantial.
Everyone must be cautious when investing in cryptocurrencies; don't let yourself become the next "slaughtered pig"!
