Cyvers Report Reveal “Pig-Killing” Scams Steal $3.6B As Crypto Threats Surge 40%

In a shocking revelation from Cyvers Alerts, cryptocurrency-based “pig-killing” scams have resulted in massive losses totaling $3.6 billion throughout 2024, with the majority of these fraudulent activities occurring on the Ethereum network. 

These sophisticated scams as revealed on 27th December on X employ a particularly insidious methodology, establishing trust with potential victims before luring them into fraudulent cryptocurrency investments. 

The scammers then disappear with the invested funds, leaving victims with substantial financial losses. 

The scale of these operations highlights a growing concern in the cryptocurrency space, as these scams have become increasingly sophisticated and effective at targeting unsuspecting investors.

Surge in Cyber Threats and Attack Vectors

The cryptocurrency sector has witnessed an alarming 40% increase in cyber threats compared to the previous year, according to the Cyvers report. 

The analysis identifies three primary attack vectors that resulted in significant financial losses during 2024. Access control vulnerabilities proved to be the most costly, resulting in $1.9 billion in losses across 67 separate incidents. 

Also Read: US & Japanese Authorities Blame North Korean Hackers For $308M Heist on Japanese Crypto Exchange

Smart contract vulnerabilities followed as the second most significant threat, causing $456.8 million in losses through 98 distinct incidents. 

Additionally, a single address poisoning attack resulted in a substantial loss of $68.7 million, demonstrating the potential severity of even isolated security breaches in the cryptocurrency ecosystem.

Industry Response and Security Measures

In response to the growing security challenges, significant developments have emerged within the industry. 

A notable advancement is the strategic partnership between Cyvers and Station70, which has led to the launch of Secure Signers, an industrial-grade transaction security solution. 

The new platform integrates Cyvers’ real-time threat detection capabilities with Station70’s co-signer-as-a-service infrastructure, creating a comprehensive security framework. 

The initiative directly addresses the $4 billion vulnerability identified in the cryptocurrency space, representing a crucial step forward in protecting users and their assets from sophisticated cyber threats.

Implications and Future Outlook

The findings from the Cyvers report underscore the critical need for enhanced security measures and increased awareness within the cryptocurrency sector. 

The substantial rise in cyber threats, combined with the massive losses from pig-butchering scams, signals an urgent requirement for stronger defensive mechanisms and more sophisticated security protocols. 

The cryptocurrency space faces a clear challenge in developing and implementing more robust security measures to protect users from these evolving threats. 

The launch of solutions like Secure Signers represents an important step forward, but the industry must maintain vigilance and continue to innovate in security measures to effectively combat these growing threats and protect users’ assets in the future.

Also Read: WazirX Recovery Seems Impossible As Hackers Start Moving Stolen Ethereum Using Tornado Cash