Crypto Scams: $9.9B Revenue
This is a news story, published by CNBC, that relates primarily to Chainalysis news.
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cryptocurrency scamsCNBC
•Business
Business & Economics
Crypto scams likely hit a new record in 2024, driven by 'pig butchering' and AI, says Chainalysis
73% Informative
A report by Chainalysis estimates that cryptocurrency scams amounted to $9.9 billion in 2024 .
Revenue from "pig butchering," a type of romance and investment scam, grew nearly 40% year over year .
Scammers are using generative AI technology to facilitate crypto scams, which often entails scammers using the tech to impersonate others.
Generative AI can be used to amplify and scale up crypto fraud and crimes, a report says.
Some Huione vendors are even advertising "face-changing services" for $ 200 worth of cryptocurrency.
Tackling crypto scams at scale will require sustained efforts from government agencies, regulators and organizations.
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