According to Chainalysis, scams constitute a significant portion of crypto-related crimes in 2024, with the report indicating they are the largest sector despite illicit activities constituting less than 1% of overall on-chain value.
Pig butchering scams, which rely on emotional manipulation and false investment promises, showcase the increasing sophistication of scammers who build trust before exploiting victims.
Despite the growth of sophisticated scams, Chainalysis highlights that more than 99% of on-chain value remains legitimate, with only a small fraction associated with illicit activities.
Huione Guarantee, a Cambodian online marketplace, has facilitated $49 billion in crypto transactions since 2021, prompting concerns that some activities may be linked to crypto-criminal operations.
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