{"id":16584,"date":"2024-09-01T11:25:52","date_gmt":"2024-09-01T08:25:52","guid":{"rendered":"https:\/\/forklog.com\/en\/chainalysis-shift-from-ponzi-schemes-to-pig-butchering-in-crypto-crime\/"},"modified":"2024-09-01T11:25:52","modified_gmt":"2024-09-01T08:25:52","slug":"chainalysis-shift-from-ponzi-schemes-to-pig-butchering-in-crypto-crime","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/chainalysis-shift-from-ponzi-schemes-to-pig-butchering-in-crypto-crime\/","title":{"rendered":"Chainalysis: Shift from Ponzi Schemes to &#8216;Pig Butchering&#8217; in Crypto Crime"},"content":{"rendered":"<p>Cryptocurrency criminals have shifted their focus from complex Ponzi schemes to more targeted scams, such as &#8216;pig butchering&#8217;. This is according to a report by Chainalysis, as reported by <a href=\"https:\/\/www.theblock.co\/post\/313922\/crypto-criminals-pivot-from-ponzi-schemes-to-pig-butchering-scams-chainalysis\">The Block<\/a>.<\/p>\n<p>&#8216;Pig butchering&#8217; involves luring victims into purchasing supposedly promising digital assets. The perpetrator gains trust through social engineering and then steals the investor&#8217;s funds.<\/p>\n<p>Analysts highlighted KK Park in Myanmar, which has become a &#8216;notorious hub for internet fraud and human trafficking&#8217;. It is also linked to one of the largest crypto wallets associated with &#8216;pig butchering&#8217;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8216;The KK Park wallet was first observed on-chain in 2022. Fraudulent operations using this address continue to generate significant revenue, exceeding $100 million this year. These funds may have come from scam victims or as ransom from families trying to rescue their relatives who have fallen victim to human trafficking,&#8217; the report states.<\/cite><\/p><\/blockquote>\n<p>In August, Chainalysis reported that in the first half of the year, criminals <a href=\"https:\/\/forklog.com\/en\/news\/chainalysis-reports-shift-in-cybercriminal-focus-from-defi-to-centralized-exchanges\">stole nearly $1.6 billion<\/a> in cryptocurrencies, shifting focus from DeFi to centralized digital asset exchanges.<\/p>\n<p>According to Immunefi estimates, since the beginning of 2024, the crypto industry <a href=\"https:\/\/forklog.com\/en\/news\/crypto-industry-faces-over-1-2-billion-loss-from-hacks-and-fraud-in-2024\">has lost over $1.2 billion<\/a> due to hacks and fraud.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency criminals have shifted their focus from complex Ponzi schemes to more targeted scams, such as &#8216;pig butchering&#8217;. This is according to a report by Chainalysis, as reported by The Block. &#8216;Pig butchering&#8217; involves luring victims into purchasing supposedly promising digital assets. The perpetrator gains trust through social engineering and then steals the investor&#8217;s funds. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[274,44,1252],"class_list":["post-16584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-chainalysis","tag-cybercrime","tag-reports"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16584"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16584\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16583"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}