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Chainalysis reports that cryptocurrency scam revenue likely reached a record high in 2024, driven by the growth of “pig butchering” scams and the use of generative AI. Pig butchering, where scammers build relationships before defrauding victims, saw a nearly 40% revenue increase compared to the previous year. The overall revenue from crypto scams in 2024 is estimated to be at least $9.9 billion. The integration of generative AI is likely playing a significant role in the increase, enabling more sophisticated and persuasive scam tactics. This combination of social engineering and advanced technology presents a growing challenge in the fight against cryptocurrency fraud.
