According to Cyvers, “pig butchering” schemes caused cryptocurrency investors to experience large financial losses in 2024; estimates indicate that hundreds of victims had over $4 billion stolen. These frauds mislead people into making fake investments before stealing their money and leaving them with empty wallets, and lessons learned the hard way. It demonstrates the pressing need for more regulations and improved security measures in the cryptocurrency sector to shield investors from fraud.
The key question is whether regulators and cryptocurrency platforms will act decisively finally or scammers will continue to fleece crypto users.