In 2024, the crypto community faced significant losses of $3.6 billion due to major scams known as 'pig butchering'.
Rise in Crypto Threats
The number of cyber threats increased by 40% compared to last year, indicating a need for enhanced security and awareness against fraudsters in the crypto space.
Major Scams of 2024
The most significant fraud was the 'pig butchering' scams, resulting in losses of $3.6 billion on the Ethereum blockchain. These scams have continued to grow despite efforts to combat them. According to Cyvers, a leading Web 3 security firm, over 150,000 addresses and more than 800,000 transactions involved in these scams were tracked.
Recovery Efforts
Around $1.3 billion was recovered from the $3.6 billion by Recovery and Bug Bounty services, including efforts from ZachXBT. In 2024 Q1, 53 hacks and scams incidents were reported, with the highest funds loss of $760 million in Q3.
2024 has become the year with the most crypto fraud cases, highlighting the importance of vigilance and security in the crypto space.
