The rise of "pig butchering" scams and the increasing use of generative artificial intelligence likely lifted revenues from crypto scams to a record high in 2024, according to blockchain analytics firm Chainalysis.

Fraudsters raked in at least $9.9 billion and possibly as much as $12.4 billion with their methods becoming more “professionalized.”

Crypto scam revenue is estimated to have hit record levels last year as cybercriminals leverage new technologies like AI and become more organized.

On-chain analytics platform Chainalysis has warned that cryptocurrency scams could surge over the coming year with the support of artificial intelligence. According to a February 13 report from Chainalysis,