Lisa Pauline Matakal
(Reuters) – The rise of “pig slaughter” fraud and the increase in the use of artificial intelligence generated could have led to revenues rising in 2024 from record fraud, according to a chain analysis of blockchain analytics firm There is.
Earnings from pig slaughter fraud, which persuades perpetrators to develop relationships with individuals and participate in fraud schemes, rose nearly 40% from the previous year in 2024, the company estimated in a report released Thursday. did.
Revenue from Crypto Scams in 2024 was at least $9.9 billion, but that figure is a record high of $12.4 billion, and once again the data will be available.
“Crypto fraud and fraud continue to be refined,” said the chain analysis researcher.
The company pointed to a market that supports pig slaughter operations and the use of Genai as a factor that makes it easier and cheaper for fraudsters to expand their operations.
In fact, genai technology could potentially “scaling cryptographic fraud exponentially,” Chain Analysis said.
The company, which tracks publicly available transaction data on the blockchain to identify fraud revenue, said Crypto fraud activity has increased on average by 24% each year since 2020.
Bitcoin, in particular, the most notable cryptocurrency, has skyrocketed in price and popularity over the past few years as investors have increased banner returns and interest in blockchain technology.
The sector has jumped significantly since President Donald Trump hoped a regulatory environment in November’s election.
Other particularly advantageous scams include crypto drainers where fraudsters pause as blockchain projects and control the victim’s crypto wallet, and high-yield investment scams that promise oversized returns, according to chain analysis. It will be available.
In January 2024, a cryptocurrency drainer posed for the U.S. Securities and Exchange Commission after the regulator’s X account was put at risk.
Chaptocurrency ATMs are also a key hotspot for fraud, and perpetrators have often come to persuade government officials and customer support agents to convince victims to deposit cash on machines, according to Chain Orisis.
(Reporting by Lisa Matakkar of Bengaluru, edited by Pooja Desai)