Share this article
'Pig Butchering' Scams Remain Dangerous Threat in Crypto Markets, Chainalysis Report Says
While other types of illicit activity are growing, scams are the biggest issue, Wednesday's report from the analytics firm said.
Updated Aug 29, 2024, 6:58 p.m. Published Aug 29, 2024, 12:00 p.m.
Crypto scammers are getting savvier in their efforts to steal digital assets, warns blockchain analytics company Chainalysis in a new report.
Scams are driving the majority in 2024's multibillion-dollar crypto-crime sector, per the report published Thursday. Though large by dollar value, this sum is still relatively small: less than 1% of on-chain value is linked to illicit activity, said Chainalysis' research lead Eric Jardines.
STORY CONTINUES BELOW
Other illicit uses are gaining traction, including using crypto in child exploitation material and other cybercrime tools. Scams remain the largest part of the bucket.
Given the havoc that so-called pig butchering scams can wreak on individuals, anyone with a crypto wallet should take care. Pig butchering scammers "fatten" up their targets with romantic overtures and other tactics that build trust before hitting them with a fake investment opportunity, stealing their funds.
Stealing the money is, however, only half the battle. Scammers need to exit their positions and centralized crypto exchanges, the most obvious off-ramp, have gotten better over the years at stomping some illicit activity.
Enter Huione Guarantee. It's an online marketplace managed by a Cambodian conglomerate where anyone can post offers to buy, or sell, just about anything – including crypto. The marketplace only acts as a facilitator; other than moving money around, it doesn't regulate who is getting the money, or where they got it from.
Since 2021 the platform has processed $49 billion in crypto transactions, according to Chainalysis. The company said it believes at least some of that activity is linked to crypto-criminals running pig butchering and money laundering operations.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Citadel Securities and DeFi Waging War of Words Through SEC Correspondence
The investing giant had asked the U.S. Securities and Exchange Commission to treat DeFi players like regulated entities, and the DeFi crowd pushed back.
What to know:
- A feud conducted over U.S. Securities and Exchange Commission (SEC) correspondence has developed between Citadel Securities and the DeFi sector, arguing over whether DeFi protocols should be more regulated.
- The DeFi space is calling out the investment firm for its approach to the securities regulator.
Top Stories
