Scammers Earned $9.9 Billion in Cryptocurrency Fraud in 2024

Scammers in the cryptocurrency sector earned at least $9.9 billion in 2024, with final estimates likely exceeding $12 billion. This represents a 24% annual increase in scam-related revenues since 2020, indicating an evolution in fraudulent activities.

Key highlights include:

Pig butchering scams accounted for 33.2% of all scam inflows, with revenues increasing by 40% year-over-year.
High-yield investment scams (HYIS) generated 50.2% of total fraud revenue but declined by 36.6% as investor caution grew.
AI-driven tracking firm Alterya flagged nearly $10 billion in scam transactions in 2024, aiding financial institutions in combating fraud.
Fraud networks expanded globally, with significant arrests in Nigeria and Namibia linked to crypto scams.
Deposit activity related to pig butchering surged by 210%, with the average deposit per victim dropping by 55%.
AI's role in crypto fraud increased by 1,900% since 2021, with 85% of scam-related transactions involving fully verified accounts.
The "Huione Guarantee" marketplace processed $70 billion in transactions since 2021, providing infrastructure for scams.
Crypto drainer scams saw a 170% revenue increase, while address poisoning scams rose by 15,000% in 2024.

These trends highlight the growing sophistication and global nature of cryptocurrency scams, posing ongoing challenges for detection and prevention efforts.