As a seasoned researcher with a focus on cybercrime and its ever-evolving tactics, I find it both alarming and fascinating to observe the rise of pig butchering scams. Having spent years tracking the digital underbelly of the internet, I’ve seen firsthand how criminals adapt their strategies to outmaneuver law enforcement. The short-lived nature of these scams is a testament to their ingenuity and the urgent need for continuous vigilance in our efforts to combat cybercrime.
Cybercriminals have switched to strategies like pig butchering due to the short-lived nature of such scams, helping them evade law enforcement.
The blockchain research company Chainalysis published its second half report for 2024 on crypto crime, highlighting the increase of ‘pig butchering’ frauds as cybercriminals shift their tactics. These scams are typically brief, enabling crooks to escape with stolen funds before authorities intervene.
They have evolved out of sheer need as law enforcement agencies have gotten significantly better at tracking and ending cybercrime tactics that take longer to execute, like crypto-related Ponzi schemes. Pig butchering, a scam type in which bad actors “fatten up” victims, often posing as romantic interests, has gone up tremendously. Scammers play the role of love interests on social media and dating platforms and build trust with their victims. Once established, they pitch fraudulent crypto projects set up by their networks to invest in, which steal the funds through rug pulls and other methods.
In 2024, Chainalysis discovered that nearly half (43%) of the illicit funds accumulated so far this year were sent to newly created wallet addresses. This trend indicates a rise in recently devised scams, such as the pig butchering strategy. The report stated, “A striking aspect of the 2024 fraud landscape is the significant proportion of total YTD fraud inflows that have been directed towards wallets activated this year, pointing to an increase in new scams.”
Source: Chainalysis’ 2024 Crypto Crime Mid-Year Update Part 2
A Single Wallet Has Made Over $100 Million in 2024 Through Pig Butchering
astonishingly, a digital wallet tied to illicit pig butchering scams dating back to 2022 is estimated to have amassed more than $100 million. This wallet is allegedly managed by KK Park, an infamous pig butchering syndicate based in Myanmar. According to Chainalysis, the majority of its earnings originate from various channels, including the obvious pig butchering activities and extortion targeting relatives of victims who have been trafficked.
The report additionally highlighted other aspects of pig-butchering scams. For instance, these con artists often buy pre-existing social media and dating profiles to appear trustworthy to potential victims from Chinese markets. Moreover, it was pointed out that these scammers typically converge at the Huione Guarantee marketplace in Cambodia to convert their illegally obtained cryptocurrency into traditional money (fiat).
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2024-08-31 16:52