Summary: Crypto took a massive hit in 2024, with scammers pulling off $3.6 billion in “pig butchering” schemes, mostly on Ethereum. These scams fooled people with fake investment promises, leaving wallets crying for help.
What’s the Deal with Pig Butchering?
Imagine scammers texting you and promoting a too good to be true gains and totally ignoring you after taking up the money. That’s pig butchering for you, with $3.6 billion stolen, mostly on Ethereum, this scam wasn’t just a headache it was a full-on migraine for crypto users.
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Numbers That Make You Wanna Log Off
According to Web3 security squad Cyvers, over 150,000 shady wallet addresses and 800,000 sketchy transactions were linked to scams. And it wasn’t just pig butchering access control breaches were another villain, racking up 81% of all financial losses.
The Glow-Up After the Mess
Not all heroes wear capes, ZachXBT, who helped claw back $1.3 billion of stolen funds. But even with the wins, 2024 had its share of jaw-droppers like the WazirX and Radiant Capital hacks. With $760M lost in Q3 alone.
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