Scammers leverage AI and stolen data to exploit victims, with crypto scam revenues projected to hit $12.4 billion
The year 2024 is on track to set a grim record, with scammers amassing at least $9.9 billion in crypto revenues—a figure projected to rise to $12.4 billion as more illicit activity is uncovered, according to Chainalysis’ 2025 Crypto Crime Report. The study highlights pig butchering scams and high-yield investment scams as the two most prevalent fraud types, accounting for 33% and 50% of total scam revenue, respectively.
While high-yield investment scams saw a 36% drop in revenue, pig butchering scams surged 40% year-over-year (YoY). The number of payments made to these scams skyrocketed 210% YoY, indicating a wider victim pool, though the average deposit amount dropped 55%.
“The shift in strategy suggests scammers are targeting more victims with smaller, quicker transactions, rather than spending extended time grooming them,” explained Jacqueline Burns Koven, Head of Cyber Threat Intelligence, Chainalysis.
“With easy access to AI tools and vast victim databases, scammers are more sophisticated than ever. Combating this organised fraud ecosystem requires a coordinated effort from regulators, law enforcement, and the private sector.”
— Jacqueline Burns Koven, Head of Cyber Threat Intelligence, Chainalysis
Adding to the threat, employment and work-from-home scams have emerged as a growing concern. While these scams represented less than 1% of total scam revenue, thousands of job seekers unknowingly paid into fake job platforms.
“With the rise of remote work, scammers are adapting their romance scam techniques to deceive job seekers, especially those in vulnerable situations,” Koven noted.
The professionalisation of online fraud is accelerating, with scam technology vendors generating $375.9 million in crypto payments on Huione Guarantee, a leading marketplace for illicit tools and services. AI service providers, in particular, saw a staggering 1900% revenue increase from 2021 to 2024, offering advanced tools that allow scammers to impersonate individuals and create convincing fake content.
Additionally, $95 million in crypto payments was tracked to vendors selling stolen personal data, including “quick kill” victim lists—detailed profiles of individuals most susceptible to scams.
As scams evolve, real-time intelligence and enhanced enforcement are critical. Koven emphasized the need for stronger investigative resources and better enablement of regulators and law enforcement to counter these increasingly sophisticated fraud networks.
“Fraud detection must move beyond outdated perceptions of scammers as lone opportunists. This is a highly organised, profit-driven ecosystem. Effective disruption requires faster insights, deeper intelligence, and collaboration across sectors,” she concluded.
