The more optimistic the market gets, the more unqualified traders will rush into any asset they think has potential.

2024 is one of the worst years ever

According to Chainalysis' latest report, cryptocurrency thefts are set to increase significantly in 2024, with the amount stolen nearly doubling from $857 million to $1.58 billion by the end of July. Ransomware flows are also on the rise, with $459.8 million transferred in the first half of 2024 compared to $449.1 million in the same period in 2023, pointing to another potential record year for ransomware.

Source: Chainalysis

After a sharp decline in 2023, hacking activity rebounded this year. By the end of July, the cumulative value stolen in 2024 was up 84.4% year-over-year. While the number of hacks increased slightly by 2.76% year-over-year, the average amount stolen per event jumped 79.46%, from $5.9 million per incident in early 2023 to $10.6 million per event in 2024.

Centralized services have become the primary targets of hackers, accounting for the majority of losses. Bitcoin trading volume involving stolen funds is expected to account for 40% of these flows by 2024, driven largely by high-value attacks like the $305 million theft from centralized exchange DMM, which alone accounted for 19% of the value stolen this year.

Ransomware payments hit new highs in 2024, with the largest recorded payment to date being around $75 million to the Dark Angels ransomware group. This is 96% higher than the maximum payment in 2023 and a staggering 335% increase from 2022.

Source: Chainalysis

AI Scams

The FBI recently warned about the growing threat of AI-based scams. According to the agency, cybercriminals are leveraging custom and publicly available AI tools to stage phishing campaigns targeting prominent members of the public, exploiting the trust of both individuals and organizations.

These AI-powered phishing attacks often create convincing messages tailored to specific recipients and with correct grammar and spelling, increasing the likelihood of successful fraud and data theft.

AI-powered chatbots and virtual assistants can promote fake tokens, coordinate pump and dump schemes, or give misleading investment advice. The number of deepfake video ads has been on the rise over the past year, and this trend is expected to continue through 2024.

Source: NYT

Scammers often exploit celebrity images and AI-generated videos to endorse fraudulent cryptocurrency projects using deepfake technology. Scam deepfake videos lure viewers with the promise of doubling their cryptocurrency investments via QR codes.

By compromising YouTube accounts, attackers quickly transformed channels to impersonate entities, redirecting to malicious websites promoting cryptocurrency doubling scams.

A recent report from Delloiette found that there is an entire sub-industry on the dark web selling scam software for anywhere from $20 to thousands of dollars. This democratization of malware is making some existing anti-fraud tools less effective.

Source: Delloiette

Basic tips to avoid scams

Don't believe in promises of big profits

Investing in cryptocurrency is inherently risky, and scams often exploit the desire for quick profits. Scammers lure victims with promises of unrealistically high returns, doubling their investment, or free money. When faced with such claims, users should exercise caution and conduct thorough research before considering any investment.

Check for errors in emails and messages

Scammers often use communication channels that are riddled with spelling errors, grammatical errors, or inconsistencies. Real entities typically have a professional and error-free communication style.

Avoid transactions with unclear details

Legitimate investment opportunities provide clear and transparent information about how the money will be used and the expected returns. On the other hand, scams often lack clarity and specificity.

Looking for manipulation tactics

Scammers may use coercive tactics like blackmail or seemingly binding contracts to trap users. Always review any contractual obligations carefully and be wary of threats or attempts at manipulation. This also applies to private messaging with people you don’t know.

Question celebrity testimonials

If the testimonials seem out of place or unusual, take the time to verify their authenticity. Real testimonials are usually well-documented and consistent, as KOLs are typically cautious about the projects they are associated with.

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