The post Pig butchering scams drain $3.6b from crypto in 2024 appeared on BitcoinEthereumNews.com.

In 2024, “pig butchering” scams were the biggest danger to crypto users, costing $3.6 billion, according to Cyvers, a Web3 security company.  The report indicates that there was a 40% annual rise in the number of cyber attacks in 2024 compared to 2023, with 165 incidents costing $2.3 billion in damages. The sum was still down 37% from the fraud peak in 2022, but complex schemes and breaches surged this year. Access control breaches made up most of that damage, with 67 incidents totaling $1.9 billion. Other attack vectors included smart contract vulnerabilities, leading to losses of $456.8 million over 98 incidents, and address poisoning assaults, resulting in $68.7 million in a single major case. These attack methods demonstrate the loopholes in blockchain networks and decentralized applications that scammers still take advantage of. Ethereum (ETH) was the blockchain network that scammers operated on, accounting for the majority of crypto fraud losses. The data involved around 150,000 addresses and 800,000 fraudulent activity transactions, Cyvers said. Cyvers cited the blockchain’s ease of access as a key factor in the fraudulent schemes, which they said allowed scammers to send over 100,000 small inducement payments to victims as part of their grooming methods. 🚨 $3.6 Billion Stolen in 2024’s Pig Butchering Scams 🐷This year saw the crypto world rocked by pig butchering scams, which swindled unsuspecting users out of a jaw-dropping $3.6 billion—most of it on Ethereum.Read more on @nairametrics at: https://t.co/75rZ5fNOUM These scams… — 🚨 Cyvers Alerts 🚨 (@CyversAlerts) December 27, 2024 Educating the users about these incidents is imperative in combating access control breaches, believes Deddy Lavid, CEO of Cyvers. Greater transparency in exchange operations and enhanced user vigilance are also essential to reduce the success rate of these types of frauds, he noted. What does Pig butchering mean? “Pig butchering” refers…

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Filed under: News - @ December 27, 2024 7:17 am