Cybercriminals have changed their tactics to make big money from their crimes. Chainalysis, in its latest crime report, reports that fraudsters have abandoned the old Ponzi schemes and turned to something more sinister: pig slaughter scams.
Large syndicates, such as the one operating out of Myanmar’s KK Park, have raked in more than $100 million this year alone. These operations are large, organized, and well-run.
Chainalysis says about 57% of the money from frauds in 2024 will still go to wallets that were active before this year. Old money meets new tactics.
The twist? Many of these scammers aren’t just crooks. They’re victims, too. Kidnapped, trafficked to Southeast Asia, and forced to work in these scam rings under brutal conditions. It’s human trafficking mixed with cybercrime.
Chainalysis claims they’ve tracked billions flowing through these networks, and it’s not slowing down.
Fraudsters prefer to make quick attacks
Chainalysis says it’s seeing a change. Scams aren’t running as long anymore. The average lifespan of a scam in 2020 was about 271 days. This year? Just 42 days. Scammers are moving fast, setting up quick-hit operations, cashing out, and moving on.
Why? Because it works. Over 43% of the scam revenue in 2024 has gone to wallets that only became active this year. New wallets, new scams. It’s a revolving door of crime.
The blockchain analysis company reports that inflows from stolen funds have nearly doubled year-to-date.
These scams are getting more sophisticated, blending on-chain tactics—using crypto wallets to move and hide funds—with off-chain manipulation like fake websites, social media profiles, and phishing attacks.
They’re regenerating their tactics, keeping one step ahead of the law.
Child sexual abuse material on the rise
It’s not just about money. Chainalysis also highlights another dark corner: child sexual abuse material (CSAM). There’s been a rise in China-based networks trafficking in this kind of content.
These groups are now accounting for nearly 39% of global CSAM-related crypto flows, a sharp increase since late last year. The Internet Watch Foundation (IWF) says they’re seeing more reports of these sites, but it’s unclear if there’s a new trend or if these sites have just flown under the radar until now.
Plagio.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
yes
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
"Wow, what an eye-opening post! 🤯 It's shocking to see how cybercriminals have evolved their tactics to make big money from their crimes. Pig slaughter scams? 😱 Who knew?! It's even more disturbing to learn that many of these scammers are victims themselves, trapped in a cycle of human trafficking and exploitation.
I'm so glad Chainalysis is tracking these trends and shedding light on the issues! 🌟 This post is a perfect reminder for all of us to stay vigilant online and support efforts like this to combat cybercrime.
Let's keep the conversation going! What are your thoughts on this? Have you heard about these new scams or tactics before? 🤔 Share your experiences, insights, and concerns in the comments below!
And don't forget to vote for @xpilar.witness by heading over to https://steemitwallet.com/~witnesses! We're working hard to improve and expand our ecosystem, and with your support, we can continue making a positive impact on the Steem community!"
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit