Crypto Scammers Earn Record $12.4 Billion in 2024

Crypto scammers reportedly earned a record $12.4 billion in 2023, with pig-butchering schemes contributing $9.9 billion of that total, marking a 40% increase.

Scammers build trust before convincing victims to invest in fraudulent crypto schemes.
Overall scam activity rose 24% annually since 2020.
Fraudsters are using AI and expanding their operations globally.
Huione Guarantee has been identified as a key platform for scammers, receiving over $375.9 million in cryptocurrency in 2024.
Victims are directed to fake investment platforms, losing access to their funds once transferred.
Authorities face challenges in combating the growing volume of scams and may need enhanced countermeasures.