Online fraudsters quickly adjust their activities to have more impactful scam of shorter duration, in an attempt to reduce “discovery and disruption”, says Blockchain analysts.
Blockchain research company Chainalysis claimed in the last episode of the Midden-Year update report that online scam is one of the largest areas of illegal activities that monitors billions of crypto that flows to illegal accounts in the year to date (YTD).
More than two -fifth (43%) of this “inflow” YTD, however, went to portfolios that only became active this year, “what suggests that an increase in new scams,” it said. The next highest year, 2022, only saw 30% of the inflow from scam to portfolios that are new that year.
The average number of days that scam is active is also decreasing. In 2024 YTD it will be 42, against 271 in 2020.
“This macro trend is consistent with the continuous pivot point of scammers of extensive ponzi schedules that throw a wide network on more targeted campaigns such as pig butcher or address poisoning, partly driven by enforcing enforcement efforts and stabilecoin -baten black listing addresses,” said Keteten Salses.
Read more about online scams: FBI: Frauders send couriers to collect cash from victims
Butching of pigs – where victims are lured in a relationship by dating scoring sites and then misleading to make fake investments – remains one of the most lucrative cyber crime types for fraudsters, the report claimed.
One wallet, which consolidates funds from multiple scams that operate from the notorious Myanmar Pig Butchering Compound “KK Park”, has scored $ 100 million YTD. Some of these funds have come in the form of ransom payments from family members of victims who are often forced to run this scam, Chainalysis said.
The report is also in detail about Huione Guarantee, a notorious online marketplace, elaborated in July as a hotbed of fraud and money laundering.
Since 2021, the platform has incorporated more than $ 49 billion into cryptocurrency transactions, claimed chainalysis.
“Huione -guarantee has grown into a large and diverse ecosystem that supports the lucrative pigs turning activities that continue to work in Southeast -Asia,” the report noted.