Catenaa, Saturday, March 01, 2025-A new report from blockchain security firm Cyvers reveals that Pig Butchering scams have stolen over $5.5 billion across 1.15 million fraudulent transactions, with younger, tech-savvy individuals emerging as prime targets.
The study, which analyzed 150 major crypto platforms, found that those aged 30 to 49 now represent the majority of victims. Previously, financial scams primarily targeted older adults.
Among the 200,000 recorded cases, three of the five largest crypto exchanges by trading volume were among the most affected platforms.
The scams exploit high-liquidity cryptocurrencies for laundering, with USDT and Ethereum accounting for 45% of stolen funds each.
Criminals employ micro-transactions, cross-chain bridging, and privacy coins like Monero to evade detection.
They cash out through OTC markets, money mules, and gift card conversions, complicating fund recovery efforts.
Pig Butchering scams, which account for 60% of such fraud cases, combine romance fraud, investment schemes, and Ponzi structures.
Scammers manipulate victims over time, building trust before draining their funds, making the scam particularly devastating both emotionally and financially.
