Pig-Butchering Scams Net More Than $75 Billion, Study Finds
According to Bloomberg, research from the University of Texas at Austin has found that “Pig-Butchering” scams have stolen over $75 billion globally over the past four years (from January 2020 to February 2024). The research tracked over 4,000 victim cryptocurrency addresses, with much of the funds being converted to the stablecoin Tether. This scam involves enticing investors to invest in cryptocurrencies through seemingly misdirected text messages, only to disappear afterward. The study indicates that the scam funds flow through centralized exchanges such as Binance, where they are converted into traditional currencies. This discovery reveals the widespread use of cryptocurrencies in large-scale fraudulent activities globally.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
South Korea: Upbit Investigated for Over 500,000 KYC Violations
MacBook Users with Intel Chips Urged to Update for Enhanced Security
Solana-Based Trading Terminal DEXX Hacked, Over $21M in User Losses
South Korea to Enforce 20% Crypto Tax in 2025 with Increased Exemption Limit
0.00