Pig-Butchering Scams Net More Than $75 Billion, Study Finds

According to Bloomberg, research from the University of Texas at Austin has found that “Pig-Butchering” scams have stolen over $75 billion globally over the past four years (from January 2020 to February 2024). The research tracked over 4,000 victim cryptocurrency addresses, with much of the funds being converted to the stablecoin Tether. This scam involves enticing investors to invest in cryptocurrencies through seemingly misdirected text messages, only to disappear afterward. The study indicates that the scam funds flow through centralized exchanges such as Binance, where they are converted into traditional currencies. This discovery reveals the widespread use of cryptocurrencies in large-scale fraudulent activities globally.