Crypto scammers are changing their game plan. Instead of elaborate, long-term schemes, they’re now focusing on short-term, high-profit scams that target smaller groups and individuals.
Short and Sweet
According to a recent report by Chainalysis, the average lifespan of a crypto scam has dropped by over 50% since last year. Scammers are now running multiple, smaller scams simultaneously to keep the money flowing. This means they’re less likely to get caught and can rake in the cash quickly.
New Wallets, New Scams
Another interesting trend is the rise of new wallets being used for scams. Over 40% of the ill-gotten gains this year have gone to wallets created in 2024. This suggests that scammers are creating new identities to hide their tracks.
The Rise of Pig Butchering
One of the most popular scams right now is called “pig butchering.” This involves building a relationship with a victim online, often through social media, and then convincing them to invest in fake crypto schemes.
These pig butchering groups, like the infamous KK Park in Myanmar, are becoming more sophisticated. They’re buying established social media accounts to make their scams look more legitimate. This is making it even harder for victims to spot the red flags.
The Bottom Line
Crypto scams are becoming more common and more difficult to detect. It’s important to be aware of the latest trends and to be extra cautious when dealing with online investments. If something seems too good to be true, it probably is.
