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Home»ADOPTION NEWS»Crypto Criminals Shift from Ponzi Scheme to ‘Pig Slaughter’ Fraud: Chainalysis
ADOPTION NEWS

Crypto Criminals Shift from Ponzi Scheme to ‘Pig Slaughter’ Fraud: Chainalysis

By Crypto FlexsAugust 31, 20243 Mins Read
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Crypto Criminals Shift from Ponzi Scheme to ‘Pig Slaughter’ Fraud: Chainalysis
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Last year, cryptocurrency criminals shifted from Ponzi schemes to more specific scams like “pig slaughter,” according to a new report from Chainalysis.

“There is a macro trend that coincides with the continued shift by fraudsters from sophisticated Ponzi schemes to casting a wider net towards more targeted campaigns. pigsticking or Address addiction, Partially driven by increase Enforcement efforts and stablecoin issuers “We have blacklisted fraudulent addresses,” Chainalysis said in its mid-year update Part 2, released on Friday.

The pig slaughter scam gets its name from the way the scammers “fatten” their victims to extract maximum value. This usually involves developing a romantic relationship over time, usually via text messages or dating apps, and ultimately convincing the victim to invest in the scam scheme. According to Chainalysis, many of the scammers who organize these conversations are themselves victims themselves, kidnapped and trafficked to Southeast Asia and forced to work in labor camps within large complexes to perpetrate these scams.

The epidemic of pig slaughter fraud

According to a Chainalysis report on Friday, one of the largest cryptocurrency wallets involved in the scam has ties to KK Park, one of the world’s most notorious pig slaughterhouses. KK Park in Myanmar has become a hotbed for internet fraud and human trafficking.

“The KK Park wallet was first discovered on-chain in 2022, and fraudulent activity using this address has continued to generate significant revenue, with over $100 million earned so far this year. These funds may have come from ransom payments submitted by victims of the scam and families seeking to rescue trafficked loved ones,” the report added.

A 2024 study by German state broadcaster Deutsche Welle found that workers at the KK Park worked 17-hour days and were regularly subjected to surveillance, torture and death threats if they attempted to escape.

Chainalysis also notes that it’s important to note that fraudulent activity from organizations like KK Park frequently involves a variation of off-chain fraud, often purchasing seasoned Facebook, Tinder, and Match.com profiles from China-based services to use in their campaigns.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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