In 2024, cryptocurrency scams have reached record heights, marking possibly a record year. Reports by Chainalysis show an increase in cases of theft and money laundering, despite a decrease in hack-related attacks.
Rise of Cryptocurrency Scams in 2024
Chainalysis estimates that at least $9.9B were taken by scammers in 2024, although a more detailed tally may increase this sum to $12.4B. Over 50% of the proceeds came from high-yield scams. Another 33.2% of exploits targeted end users using leaked data. While interest in high-yield scams has peaked due to user skepticism, schemes like Smart Business Corp. continue to attract investments, having drawn in $1.5B on-chain.
Role of Huione Guarantee Market
Based on the latest findings, at least $379.5M of stolen funds in 2024 were laundered through the Huione Guarantee market. This market allows payments in stablecoins, effectively concealing USDT movements and making them difficult to trace. Since 2021, Huione Guarantee has handled over $70B in crypto payments, mixing legitimate sales with fund laundering.
Expansion of Job Scams
One type of scam that has expanded in 2024 is the job platform with unrealistically high payment rates. This was primarily targeted at North America and Europe and accounts for about 1% of the total victim yields.
The year 2024 has seen a significant rise in cryptocurrency fraud. Despite waning interest in high-yield schemes, many still remain active. Through new mechanisms like Huione Guarantee and job scams, scammers continue to find new ways to manipulate users.
