The post Over $5.5 Billion Stolen in Pig Butchering Scams: Cyvers Reports appeared on BitcoinEthereumNews.com.

A disturbing trend emerges in the demographic profile of pig butchering scam victims. While older adults have historically been the main targets of financial fraud, these scams now focus on younger, tech-literate individuals. The latest data reveals that those aged 30 to 49 represent the majority of reported cases. Pig Butchering Scams A 2024 study by Cyvers analyzed 150 major crypto platforms, including exchanges, payment service providers, and banks, with a focus on the Ethereum blockchain. The research uncovered over 200,000 cases of Pig Butchering scams, which resulted in more than $5.5 billion stolen across 1.15 million fraudulent transactions. The impact of these scams varied significantly among platforms. While some exchanges and service providers saw extensive fraud, others reported minimal cases. Among the ten most affected platforms were three of the five largest crypto exchanges by trading volume, a crypto-friendly bank, and an institutional trading platform. The study demonstrated the scale of Pig Butchering fraud and the vulnerability of both centralized and decentralized financial systems. A significant portion of funds stolen in Pig Butchering scams is concentrated in a small number of cryptocurrencies. While fraudsters utilize various digital assets, Cyvers found that certain high-liquidity coins are preferred for illicit transactions. These assets are targeted due to their greater acceptance and ease of laundering. Stablecoins, particularly those with a strong market presence, are frequently used in scams due to their stability and seamless conversion. Additionally, major smart contract platforms experience high levels of fraudulent activity due to their dominance in decentralized finance (DeFi) and large transaction volumes. USDT and Ethereum each account for 45% of stolen funds, while USDC and DAI represent 1.7% and 1.3%, respectively. To evade detection, scammers leverage multiple micro-transactions to build victim trust and move funds across several wallets before reaching major exchanges. They use both centralized…

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Filed under: News - @ February 23, 2025 8:15 pm