Chainalysis Report Highlights Increasing Complexity Of Cryptocurrency Scams

According to BlockBeats, a recent report by blockchain analysis firm Chainalysis reveals that cryptocurrency scams are becoming increasingly sophisticated. The report, dated August 29, 2024, indicates that while scams dominate crypto-related crimes, they still account for less than 1% of total on-chain transaction value. The report specifically warns against 'pig butchering' scams, a type of fraud where victims are tricked into investing in fake schemes. To evade regulatory scrutiny, criminals are turning to online marketplaces like Huione Guarantee. Since its inception in 2021, this platform has processed $49 billion in crypto transactions, some of which may be linked to scams and money laundering activities.