A recent report from Chainalysis, a blockchain analytics firm, provides a concerning overview of the changing landscape of cryptocurrency scams. The company’s semi-annual “2024 Crypto Crime” update, released on Thursday, highlights a trend towards shorter yet more profitable schemes that are catching both victims and law enforcement off guard.
According to the report, scammers have shifted towards smaller, simultaneous campaigns instead of elaborate, long-term schemes. This tactic allows fraudsters to constantly change their digital footprint, making it harder for authorities to keep up.
One alarming trend identified in the report is the rapid turnover of crypto wallets and addresses used in these scams. Particularly in pig slaughter scams, many of the involved digital wallets are new, indicating a rise in new downsides. Despite this, scams that involve building long-term relationships with victims before defrauding them continue to be the most profitable in the crypto world.
The lifespan of these scams has drastically decreased, from an average of 271 days in 2020 to just 42 days this year. This rapid evolution showcases scammers’ ability to adapt their strategies, making their operations more devastating despite their shorter duration.
Chainalysis’s findings also reveal a shift from elaborate crypto Ponzi schemes to more targeted scams. These newer, more focused approaches have proven to be highly lucrative, with examples like a Myanmar-based pig slaughterhouse making over $101 million this year alone.
Please note that this article contains links to third-party websites for informational purposes only. CoinMarketCap is not responsible for the content of these Third Party Sites and does not endorse or approve any links contained within them. It is essential to conduct your own research before making any decisions based on the information provided in this article. This article is not financial advice, and the views expressed are solely those of the author and do not necessarily reflect those of CoinMarketCap.
SOURCE