The encryption fraud in 2024 thrives on the back of “Slaughter of pigs” and AI: Report

A series of cryptocurrencies related to fraud said 9.9 billion dollars in the coded currency in 2024, according to her initial estimates.

Boonchai Wedmakawand | Moment Gety pictures

It is estimated that coding revenue has reached record levels last year amid an increase in romantic fraud, as Internet criminals benefit from artificial intelligence and become more organized, according to Blockchain Research.

In a report issued on Thursday, the company said that the fraudulent coding governor received $ 9.9 billion in the coded currency in 2024, according to its initial estimates. No. 2024 is expected to grow to a record number of $ 12.4 billion, setting a series of fraud portfolios.

Chainalysis added that her annual estimates of fraud activity have increased by an average of 24 % between annual reports since 2020.

According to its report for 2024, the main reason for the rise in fraud revenue was an increase in the spread of romantic fraud, known as “pig slaughtering”.

The slaughter of pigs is a kind of fraud in investment or romance in which one of the fraudsters builds relationships with victims via social media or dating applications, which intends to get out of the money through a malicious investment opportunity.

The name “slaughtering pigs” comes from the idea that the fraudsters should “call” the victims of the victims with compliment links and links filled before “butcher”, or stealing their money.

Send more victims to slaughter

In 2024, pig slaughter revenues grew approximately 40 % on an annual basis, with the number of deposits for pigs that grow approximately 210 % during the same period, according to the analysis.

The company said that these different growth rates indicate an expansion in the group of victims, which gives priority to more victims in exchange for smaller payments.

While fraud in swine slaughtering often arises of large fraud in Southeast Asia, there are signs that these fraud centers are starting to become more geographical.

Last December, the anti -Nigeria agency announced the arrest of 792 people in a raid on a building, where the suspects are believed to manage romantic fraud that targets most of them from Europe and the Americas. Reuters.

Romantic fraud often depends on the victims of human trafficking to carry out fraud. and Investigation by ProPublica In 2022, she made it clear how Chinese criminal unions were the smuggling of victims for centers in Cambodia, Laos and Myanmar, forcing them to perform Cyberfraud at the threat of violence.

While these fraud compounds often manage fraud operations that slaughter pigs, they also act as the designs for other types of fraud that can be carried out online, according to Eric Hinz, the international analyst at the International Justice Mission, which was martyred in the series of series .

“It is not uncommon for multiple criminal groups in the same compound, focusing on various fraud,” he added.

Environmental fraud system “professional”

The dynamics of multiple criminal groups operating inside a boat has also been embodied online through the creation of illegal marketing markets and networks, according to the encryption series.

In the first place, this trend was driven by HUIONE guarantee, an online forum and a series of peers to counterpart to a counterpart that he says works as a “one store” for illegal actors looking to buy and sell fraud technology, infrastructure and resources.

The Chinese language platform is linked to the Huione Group Group, a Cambodian group that provides legitimate services such as external transfers and insurance, and even luxury tourism offers in the past.

According to ChaINALYSIS, Huione Laurante’s activity indicates Blockchains that it is used extensively to support the swine slaughtering industry and the illegal trade -based trade for fraud technology products and services.

One of the main services hosted on the platform is money laundering, which fraudsters use to hide their illegal activity, according to Chainalysis data.

Meanwhile, some illegal products on the site include targeted databases, web hosting services, social media accounts and artificial intelligence programs. In 2024, Huione technology sellers received at least $ 375.9 million in the encrypted currency.

Since 2021, Huione Laffice and PRONDERS has announced through its platforms processing $ 70 billion of encryption transactions.

“In short, it prompted Huione’s guarantee and enabled a huge, growing and bonding environmental system,” the company said in its report.

Huione guarantee did not respond to CNBC inquiries.

In evacuating the responsibility on its website, the platform says that it does not participate in its customer’s own work or is only responsible for guaranteeing payments between buyers and sellers, according to CNBC translation of the Chinese language statement.

Artificial intelligence facilitates fraud

In 2024, some of the most successful sellers on the Huione platform were artificial intelligence service providers, who witnessed a 1900 % revenue increase on an annual basis, according to analysis data.

This growth indicates an explosion in the use of obstetric intelligence technology to facilitate encryption fraud, which often requires fraudsters who use technology to impersonate the personality of others or generate realistic content that deceives victims to make false investments.

The CHINALYSIS report said that there are dozens of software vendors hosted on HUIONE who guarantee the sale of this type of Scam AI program.

According to Elad Fouks, head of fraud products at ChaIINALYSIS and co -founder for the ALIYA fraud detection, which was transferred in the report, the Toulidi AI can be used to amplify and expand fraud and encryption crimes.

Fook said: “Genai has managed to generate a fake, realistic content, including web sites and menus, of investment fraud, purchasing fraud, and more, which makes these attacks more convincing and difficult to discover.”

Some Huione sellers even announce “facial change services” for $ 200 of encrypted currency.

Since the Openai Chatgpt was launched in 2022 and witnessed its growth, there was an increasing number of cases Big companies lose millions of deep fraud. Such defrauds are used by Amnesty International to create industrial and false identities and sounds that allow fraudsters to impersonate real personalities and overcome controls

Chainalysis says that the potential of artificial intelligence technology to expand the scope of encrypted fraud has greatly adds to the challenges associated with combating these crimes.