- Cryptocurrency scams surrounding pig slaughter cost cryptocurrency users more than $3.6 billion in 2024.
- This reflects a 40% surge over the past year.
According to a report published by Cybers, there will be the most pig slaughter scams targeting cryptocurrency users in 2024. The web3 security company said cryptocurrency users lost $3.6 billion on the Ethereum blockchain due to fraudulent activity.
According to reportCyber fraud increased 40% year-on-year. There were 165 accidents, resulting in a total loss of $2.3 billion.
🚨 $3.6 billion stolen in pig slaughter scams in 2024
🐷This year, the cryptocurrency world was rocked by a pig slaughter scam. This resulted in unsuspecting users losing a jaw-dropping $3.6 billion. Most of that happened on Ethereum.
Learn more @nairametrics : https://t.co/75rZ5fNOUMSuch a scam…
— 🚨 Cybers Alerts 🚨 (@CyversAlerts) December 27, 2024
The fraudsters operated based on the Ethereum blockchain.
According to Cybers, records were recorded for 150,000 addresses and 800,000 fraud cases. The main loophole of blockchain was ease of access.
The scammers paid victims in small amounts totaling more than $100,000. Access control violations accounted for 67 incidents worth $1.9 billion. Fraudsters also used smart contract vulnerabilities in 98 incidents worth $456.8 million.
Losses of cryptocurrency users to fraudsters increased in 2024. Among the exchanges scammed are DMM exchange and WazirX. Scammers scammed WazirX out of $235 million and the DMM exchange lost $305 million. Cyber attackers gained access to the DMM exchange and compromised private keys in the platform’s Bitcoin hot wallet.
BingX lost $52 million to fraudsters when they accessed the exchange’s hot wallets and transferred funds through other addresses.
Despite security concerns, recovery attempts were made to allow victims to secure some of their funds. About $1.3 billion was recovered and returned to holders in 2024.
In the first quarter of 2024, 53 cases were reported, resulting in a loss of approximately $760 million in the third quarter, the largest loss of 2024. The last quarter had the lowest number of cases and losses.