CandleFocus Pig butchering crypto scams wiped out $3.6b this year: report
2024-12-27
Author: Content Editor
In 2024, pig butchering scams were the biggest threat to crypto users and cost them $3.6 billion, according to a report by Cyvers. The number of cyber attacks increased by 40% compared to the previous year, resulting in 165 incidents and $2.3 billion in damages. Access control breaches caused the most damage, followed by smart contract vulnerabilities and address poisoning assaults. Ethereum (ETH) was the most commonly targeted blockchain, with around 150,000 addresses and 800,000 fraudulent transactions involved. Education, transparency in exchange operations, and user vigilance are crucial in preventing these scams. Some notable attacks in 2024 include those on WazirX, DMM Exchange, and BingX. Despite the losses, about $1.3 billion was returned to victims through on-chain detectives and bug bounty programs.
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