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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 27, 2024 07:18 UTC
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“Pig Butchering” Scams Target Ethereum Investors, $3.6 Billion Stolen in 2024
Pig Butchering scams stole $3.6B from crypto investors in 2024, targeting Ethereum with 150,000 wallet addresses across 800,000 transactions.
Access control breaches account for 81% of crypto fraud in 2024, as North Korean hackers steal $1.34B and decentralized finance sees a shift.
Attacks on centralized exchanges like DMM Bitcoin and WazirX increased significantly.
In 2024, Pig Butchering scams became one of the most alarming threats to crypto investors, with a staggering $3.6 billion in assets stolen. What makes these scams so dangerous? They’re deeply manipulative, targeting investors with carefully crafted relationships and promises of big returns.
A recent report from Cyvers, a Web3 security company, revealed that Ethereum blockchain users were hit the hardest, with over 150,000 wallet addresses affected across nearly 800,000 transactions.
Keep reading to uncover the shocking details.
What are Pig Butchering Scams?
Pig Butchering is a type of scam where criminals build fake but convincing relationships with their targets. They then trick victims into making large investments in fraudulent cryptocurrency platforms. Once the money is invested, the scammers vanish, leaving investors with nothing.
These scams have become more advanced, leading to a 40% increase in cyber threats in the crypto industry this year. This rise in targeted attacks shows the need for increased awareness and stronger security measures.
- Also Read :
- Crypto Hack Weekly Report: $2.2 Billion Stolen in 2024, Centralized Exchanges Hit Hard
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Access Control Breaches: A Key Factor
Access control breaches were another significant factor behind crypto fraud this year. According to the report, these breaches made up 81% of all crypto fraud cases. These incidents not only caused significant financial losses but also highlight the importance of improving protection against unauthorized access and transfers.
A separate report from Chainanalysis showed that digital currency theft rose to $2.2 billion in 2024, up from $1.8 billion in 2023. North Korean hackers were behind $1.34 billion of the thefts—more than double their total from 2023.
Exchanges Under Attack
2024 also saw a shift in focus from decentralized finance (DeFi) platforms to centralized exchanges. High-profile attacks included Japan’s DMM Bitcoin, which lost $305 million, and India’s WazirX, which was compromised for $234.9 million. Hackers used mixers and blockchain bridges to launder 90% of the stolen funds, while weak private key management allowed them to steal 43.8% of the money.
The rise in crypto scams and cyberattacks serves as both a warning and a reminder to stay alert. As cryptocurrencies grow in popularity, it’s crucial for investors to thoroughly check investment offers and stick to trusted service providers to keep their assets safe.
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