Chainalysis analysis reported via Reuters estimates 2024 crypto scam revenues reached $9.9–$12.4 billion, a likely record driven by 'pig‑butchering,' crypto‑drainers and the use of generative AI to scale operations. The reporting highlights how fraud tactics evolved and the enforcement challenges they pose to investigators.

A February 2025 Reuters account of Chainalysis research concluded that crypto‑related scams likely generated between $9.9 billion and $12.4 billion in 2024, a substantial increase attributed to the rapid expansion of 'pig‑butchering' investment cons and automated draining tools. Chainalysis cited the use of generative AI to fabricate realistic personas, accelerate social engineering at scale, and produce convincing marketing materials that nudge victims into moving funds. The analysis also pointed to the growing sophistication of on‑chain cash‑out techniques and mixing services that complicate tracing and recovery efforts. Investigators and industry participants told Reuters that while blockchain analytics have improved attribution, enforcement struggles to keep pace with the volume and innovation of scams, particularly when coupled with cross‑border laundering and coordination with illicit marketplaces. The report urged exchanges, wallets and on‑ramp services to strengthen KYC and monitoring, and called for international cooperation to disrupt revenue flows and prosecute major operators behind high‑value schemes.