The lifespan of scams is getting shorter as cybercriminals change tactics and target individuals on social media.
Crypto-versed cybercriminals are increasingly turning to pig-butchering over longer-burn “Ponzi schemes” as law enforcement has become better at taking down scammers.
In the second part of its crypto crime mid-year update, published on Aug. 29, blockchain security and compliance firm Chainalysis reported that pig butchering scams are on the rise in 2024.
It noted that crypto scammers are adapting their tactics, both onchain, and offchain, to conduct more devastating scams of shorter duration.
