Pig Butchering Scams Persist in Crypto Market: Chainalysis
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
Blockchain security firm Chainalysis released a mid-year update on crypto crime on August 29, revealing a big rise in “pig butchering” scams within the cryptocurrency market in 2024.
These scams involve bad actors “fattening up” their victims by promising them high returns and then “slaughtering” them by disappearing with their funds.
According to the report, 43% of this year’s scam inflows have been funneled into wallets created in 2024, with many of these linked to pig butchering schemes.
One of the largest scam wallets uncovered this year is associated with Myanmar’s KK Park, a known perpetrator of pig butchering scams. The wallet has already amassed over $100 million.
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