Crypto Scams Hit Record $12.4 Billion in 2024: AI & ‘Pig Butchering’ Drive Surge

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Cryptocurrency scams exploded in 2024, reaching a record $12.4 billion in losses, largely due to the rise of AI-powered scams and "pig butchering" schemes. AI is enabling scammers to create highly convincing fake investment opportunities using deepfakes and chatbots, while pig butchering scams, involving building trust before defrauding victims, saw a significant increase. Organized crime is facilitating these scams through online marketplaces offering a range of fraudulent services, including money laundering and AI-generated content. Although governments are cracking down, the sophisticated use of AI makes combating this rising threat increasingly challenging.