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Crypto Pig Butcher Scams Wiped Out $3.6 Billion in 2024: Report
A staggering report has emerged, revealing that crypto scammers made off with a whopping $3.6 billion in 2024 alone. The figure is a shocking 98% increase from the previous year’s total losses.
According to data analyzed by this publication, the number of incidents reached an alarming 456, with cryptocurrency exchanges being the primary targets. Scammers exploited vulnerabilities in smart contracts to execute these malicious attacks, leading to devastating financial consequences for investors.
Two major exchanges, DMM and WazirX, were among those hit hardest. The former suffered a loss of $305 million, while the latter was compromised to the tune of $235 million. In another incident, BingX lost a substantial $52 million after scammers gained access to their hot wallet and transferred funds to various addresses.
Despite these significant losses, recovery efforts did yield some positive results. A total of $1.3 billion was successfully recovered and returned to affected users in 2024.
Breaking down the data further, it appears that the first quarter of the year saw a relatively low number of incidents (53 cases), but this trend reversed in the second half. The third quarter proved to be the most devastating, with losses reaching an astonishing $760 million.
On the other hand, the fourth quarter witnessed the fewest number of reported cases and, consequently, the lowest amount lost ($X million).
The report highlights a pressing need for heightened security measures within the crypto ecosystem to prevent such massive financial losses.
Source: coinjournal.net
