How Pig Butchering Scams Target Ethereum Investors and Steal Billions in 2024 | Airdrop Alert Pro

Pig butcher scams proved to be one of the most prevalent threats in 2024, stealing an estimated $3.6 billion from cryptocurrency investors. in a copy of CyphersA Web3 security company revealed that these scams mainly defrauded the Ethereum blockchain, defrauding 150,000 wallet addresses in 800,000 transactions.

What is pig killing scam?

Pig slaughter is a long-term and highly sophisticated fraud in which criminals develop close relationships with targets and convince them to invest in various fake cryptocurrency platforms. After making these large investments, they disappear and the gullible investors end up with nothing.

These schemes include highly targeted investors, resulting in a 40% increase in cyber threats to the crypto industry this year.

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• Cryptocurrency Hacker Weekly Report: $2.2 billion stolen in 2024, centralized exchanges suffered heavy losses
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People aren’t the only ones getting hurt; companies hit by access control hacks this time

Research shows that access control breaches also contributed significantly to cryptocurrency fraud this year: 81% of such incidents resulted in financial losses. These accounted for 41.6% of all reported cases, but the damage caused by such incidents requires enhanced protective measures to prevent unauthorized access and transfer.

in another report chain analysiss, digital currency theft increased to $2.2 billion from $1.8 billion in 2023, based on 303 incidents in 2024; North Korean hackers lost $1.34 billion in 2024, more than double the amount in 2023.

A major shift towards centralized applications instead of DeFi systems, including attacks like Japan’s DMM Bitcoin ($305 million) and WazirX India ($234.9 million). Regarding the redistribution of funds, experienced hackers use mixers and bridges Blockchain 90% of the funds were stolen, while poor management of private keys allowed fraudsters to steal 43.8% of the funds.

The risks are so high that they encourage people to adapt to cryptocurrencies, but also warn them to remain vigilant, thoroughly check all investment offers and choose reliable service providers.