In 2024, Pig Butchering scams emerged as one of the major threats to crypto investors, stealing approximately $3.6 billion mainly from Ethereum blockchain transactions.
What are Pig Butchering Scams?
Pig Butchering is a sophisticated and prolonged fraud where criminals establish close relationships with victims, persuading them to invest in fake cryptocurrency platforms. Once the investment is made, scammers disappear, leaving investors with nothing. These schemes increased cyber threats in the crypto industry by 40% this year.
Corporate-Level Frauds
Access control breaches were a significant contributor to crypto fraud in 2024, accounting for 81% of such incidents. According to reports, digital currency theft rose to $2.2 billion. North Korean hackers were responsible for $1.34 billion in thefts in 2024.
Lessons and Protective Measures
To minimize asset loss risks, it is crucial to thoroughly verify all investment offers and trust reliable service providers. While scams encourage cryptocurrency adoption, they also necessitate caution and vigilance.
Scams and cyberattacks in the crypto industry continue to grow, presenting new challenges for financial security. Users must be careful with investment checks and employ reliable protective methods.
