According to blockchain analytics companies, the rise of “pig slaughter” scams and the growing use of generative artificial intelligence may increase revenue from crypto scams to record highs in 2024.
In a report released Thursday, the company estimated that the revenue from perpetrators to establish relationships with individuals and convince them to participate in fraudulent programs increased by nearly 40% in 2024 from the previous year.
Crypto scam revenues in 2024 are said to be at least US$9.9 billion (about Rs 85,996 crore), although that figure could increase to a record $12.4 billion (about Rs 107,711 crore).
“The complexity of crypto fraud and scams continues to increase,” said the chain analysis researchers.
The company pointed out the market that supports the pig slaughter business and will use Genai as an easier and cheaper factor to expand operations by scams.
Indeed, Genai technology could be “exponentially scaling crypto scams”, Chainalysis said.
The company tracks openable transaction data on the blockchain to identify scam revenue, and crypto fraud activity has grown on average 24% annually since 2020.
Cryptocurrencies (most notably Bitcoin) have soared over the past few years as investors chase banner returns and interest in blockchain technology.
Interest in the department has become easier since U.S. President Donald Trump won the November election.
Other particularly profitable scams include crypto churns, scammers can act as blockchain projects and control victims’ crypto wallets, and high-yield investment scams that promise huge returns.
In January 2024, the cryptocurrency drainage vessel was the SEC after regulators’ X account was damaged.
According to chain analysis, cryptocurrency ATMs are also a key hot spot in scams, with criminals often pretending to be government officials or customer support staff to convince victims to deposit cash into machines.
©Tech Word News
(This story has not been edited by Tech Word News’s staff and is automatically generated from the joint feed.)
