Blockchain intelligence firm Chainalysis released a report on Feb. 13 detailing the rapid growth of pig butchering scams in 2024. These scams, which involve fraudsters building trust with victims before stealing their money, were among the most lucrative forms of crypto fraud last year. Chainalysis reported:
In 2024, pig butchering revenue grew nearly 40% YoY and the number of deposits to pig butchering scams grew nearly 210% YoY, potentially indicating an expansion of the victim pool.
“Conversely, the average deposit amount to pig butchering scams declined 55% YoY. The combination of lower payment amounts and increased deposits could indicate a change in strategy for pig butchering scams,” the firm added.
Chainalysis further detailed: “In 2024, cryptocurrency scams received at least $9.9 billion on-chain, an estimate that will increase as we identify more illicit addresses associated with fraud and scams in the coming months.” Pig butchering scams accounted for 33.2% of all scam revenue, second only to high-yield investment scams (HYIS), which made up 50.2%. While HYIS inflows declined by 36.6% year-over-year (YoY), pig butchering scams continued to expand, solidifying their position as a dominant force in crypto fraud.
Scammers have changed their tactics, shifting from traditional romance-based cons to quicker-turnaround employment and work-from-home scams. Chainalysis noted:
Pig butchering scammers have also evolved to diversify their business model beyond the ‘long con’ of pig butchering scams — which can take months and even years of developing a relationship before receiving victim payments — to quicker turnaround employment or work-from-home scams that typically yield smaller victim deposits.
Cybersecurity firm Proofpoint linked fraudulent job recruitment sites to known pig butchering scam wallets, confirming that scammers are expanding into new fraud categories.
Meanwhile, law enforcement agencies worldwide have intensified crackdowns, with Nigeria arresting 88 individuals for running an investment scam targeting victims in Europe and the Americas and Interpol rescuing 88 youths in Namibia who were forced into scam labor. As fraud networks grow, scammers are changing their financial strategies. Experts suggest that scammers are now prioritizing volume over large individual payments, allowing them to reach more victims while reducing detection risks. AI-driven tools have further enabled these operations, with fraudsters using deepfake identities, automated scam interactions, and fake financial documents.
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