Pig butchering scams stole $5.5B from crypto investors in 2024 — Cyvers

Pig Butchering Scams Overview: Pig butchering scams have become a significant threat to cryptocurrency investors, resulting in over $5.5 billion in losses across 200,000 cases in 2024, with victims often manipulated over weeks or months before losing their assets.

Impact on the Crypto Industry: These scams not only affect individual investors but also pose challenges for centralized exchanges and crypto platforms, leading to reputational damage, regulatory scrutiny, and financial losses, particularly highlighted by a peak of $468 million lost in December 2024 alone.