Crypto scams have seen a significant surge in recent times, with a 66% increase in losses reported in 2024, reaching a staggering $9.3 billion. Here's a breakdown of the latest news and trends:
*Recent Statistics:*
- *Total Losses:* $9.3 billion in crypto scam losses reported in 2024, with nearly 150,000 complaints filed.
- *Elderly Targeted:* Seniors (60+) are disproportionately affected, accounting for $2.8 billion in losses, with an average loss of $83,000 per victim.
- *AI-Deepfake Scams:* A report by Bitget, SlowMist, and Elliptic revealed $4.6 billion in losses due to AI-deepfake scams in 2024 ¹ ² ³.
*Types of Scams:*
- *Pig Butchering Scams:* Scammers develop fake emotional relationships with victims, persuading them to invest in fraudulent crypto platforms, resulting in $5.8 billion in losses.
- *Phishing and Social Engineering:* Fake websites, emails, and social media platforms are used to trick victims into revealing sensitive information.
- *Ponzi Schemes:* Scammers promise unusually high returns on investment, paying early investors with money from later investors ¹.
*Notable Incidents:*
- *WazirX Hack:* A $235 million hack occurred due to vulnerabilities in the platform's private key management system.
- *DMM Hack:* A $305 million breach was caused by loopholes in smart contracts.
- *PlayDapp Exploit:* A $290 million theft was carried out using phishing techniques and wallet exploits ⁴.
*Prevention Measures:*
- *Use Strong Security:* Enable two-factor authentication, use hardware wallets, and beware of phishing attempts.
- *Stay Informed:* Regularly update yourself on the latest scam tactics and security measures.
- *Collaborate:* Industry-wide collaboration and information sharing can help combat crypto scams ⁴ ³.
