By Lisa Pauline Mattackal
(Reuters) – The rise of “pig separation” scam and the increasing use of generative artificial intelligence probably increased income from crypto -wambling to a record high in 2024, according to blockchain analytics firm chainalysis.
Proceeds from pig separation, in which perpetrators cultivate relationships with individuals and convince them to participate in fraudulent regulations, in 2024 almost 40% rose compared to the previous year, the company estimated in a report that was published on Thursday.
The turnover in 2024 from Crypto -wang was at least $ 9.9 billion, although the figure could rise to a record high of $ 12.4 billion as soon as data becomes available, it said.
“Crypto fraud and scams have continued to increase in refinement,” said researchers of chain analysis.
The company pointed to market places that support the limit of pigs turning and the use of Genai as factors, making it easier and cheaper for scammers to expand the activities.
Genai technology could indeed “scales exponentially crypto -scaling,” said Chainalysis.
The company, which follows publicly available transaction data on the blockchain to identify the income of muggers, said that the activity of crypto fraud has grown on average by 24% since 2020.
Cryptocurrencies, in particular Bitcoin, have risen in price and popularity in recent years, while investors chased banner rings and the interest in blockchain technology increased.
The sector has risen considerably since the victory of US President Donald Trump in the November elections on hope for an easier regulatory environment.
Other particularly lucrative scam include crypto-drainers, where scammers occur as blockchain projects and the control over the crypto portfolios of victims and high-interest investment scam that promised to surpass return, according to chain analysis.
In January 2024, a crypto drain introduced itself if the US Securities and Exchange Commission after the X account of the regulator was affected.
Cryptocurrency money machines are also important hotspots for scams, according to chain salysis, in which perpetrators often occur as government officials or customer service agents to convince victims to deposit cash on the machines.
(Reporting by Lisa Mattackal in Bengaluru; Edit by Pooja Desai)
