As a researcher who has spent years navigating the digital frontier of cryptocurrencies, I can attest that 2024 was indeed a challenging year for the crypto community, particularly in terms of cybersecurity threats. The staggering $3.6 billion lost to pig butchering scams alone is a stark reminder of the dangers lurking within this dynamic ecosystem.
2024 saw significant financial setbacks for cryptocurrency users, largely due to deceptive schemes known as “butchering scams.” Approximately $3.6 billion was stolen in these scams, primarily through transactions on Ethereum. In these types of frauds, perpetrators lure victims into investing in non-existent or fake cryptocurrencies by promising exorbitant returns. Once the victims deposit their money, the fraudsters vanish with the funds.
2024 witnessed a significant blow to the crypto sphere, as I, an analyst, found myself grappling with the aftermath of pig butchering scams. These deceptive schemes managed to pilfer a staggering $3.6 billion from unsuspecting users, primarily on Ethereum. For further insights, check out @nairametrics’ comprehensive report.
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) December 27, 2024
This year, we’ve seen a 40% rise in cyber threats compared to last year, indicating a growing need for stronger security and heightened awareness within the cryptocurrency sector, as it becomes more vulnerable to fraudsters.
The most significant fraud of the year was the case of pig butchering scams, which resulted in losses of $3.6 billion alone on the Ethereum blockchain. The scams have been a thorn in the side of the crypto community, as they continue to grow despite attempts to combat them.
In summary, Cyvers, a top-tier Web 3 security company, monitored approximately 150,000 addresses and a staggering 800,000 transactions linked to these fraudulent activities.
As an analyst, I’ve found that access control incidents have been the primary driver behind cryptocurrency losses in 2024, surpassing even incidents related to pig butchering. These incidents, representing approximately 41.6% of all fraud cases, were responsible for a staggering 81% of the total financial losses.
2024 saw a significant surge in crypto fraud cases, making it the year with the highest number of such incidents to date, amounting to a staggering $2.3 billion in total losses across 165 major occurrences. This figure represents a 40% rise compared to the previous year, 2023. However, it’s important to note that these figures still represent a 37% decrease when compared to the record-breaking losses experienced in 2022.
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2024-12-27 09:57