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Crypto Scam Revenue 2024: Pig Butchering Grows Nearly 40% YoY, as AI Enhnaces Scam Sophistication

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According to a recent crypto crime report by Chainalysis, 2024 saw a decline in overall crypto scam revenue. However, the year still set a record in total scam-related inflows, as the current figures represent lower-bound estimates based on identified scam addresses to date.

Among scam sub-classes, high-yield investment scams (HYIS) and pig butchering scams accounted for the highest shares, receiving 50.2% and 33.2% of total scam-related crypto transactions, respectively.

The Expansion of Pig Butchering Scams

Pig butchering scams, also known as investment or romance scams build relationships with victims, convincing them to invest in fraudulent schemes. Initially concentrated in large scam compounds in Southeast Asia, these scams have reportedly expanded geographically over the past two years. While operations in Southeast Asia remain dominant, newer scams are emerging in different regions.

In addition to traditional long-term cons that involve months or even years of grooming victims before extracting payments, pig butchering scammers have diversified their tactics. A notable shift includes employment and work-from-home scams, which yield smaller but quicker victim deposits.

For example, a fraudulent job platform impersonating a record label funneled crypto funds into addresses linked to pig butchering scams, as confirmed by Proofpoint cybersecurity researchers. Chainalysis further connected these scams through shared on-chain addresses.

Although employment scams accounted for less than 1% of total on-chain scam revenue in 2024, thousands of victims fell for fake job postings, prompting an FBI warning in the U.S. Scam operators are also adapting to the traceability of cryptocurrency, increasingly directing victims to contact “customer service” representatives to obtain crypto payment addresses or even avoiding cryptocurrency payments altogether in favor of alternative financial channels.

In 2024, five scam types experienced growth:

  • Pig butchering
  • Address poisoning
  • Crypto drainers
  • Livestream scams
  • Blackmail and extortion scams

Where scammers send illicit crypto

In the last few years, destinations for scammed funds have remained relatively the same, with most funds going to centralized exchanges (CEXs). But as scams on more blockchains including Ethereum, Tron, and Solana have grown, so too has the use of DeFi protocols.

Since mid-2023, crypto sent from scams to Huione money laundering services has also grown. Money laundering is just one type of illicit activity the Huione Guarantee platform supports, among a host of services that facilitate scams.

Additionally, crypto transactions linked to Huione money laundering services have risen significantly. Huione Guarantee, an online marketplace affiliated with Cambodian conglomerate Huione Group, has been identified as a major enabler of crypto-based scams. Originally offering legitimate financial services such as remittances and insurance, Huione Guarantee has evolved into a hub for illicit cyber activities, processing an estimated $70 billion in crypto transactions since 2021.

Huione Guarantee provides illicit actors with the necessary technology, infrastructure, and resources to conduct scams.

Key offerings include:

  • Targeted data lists
  • Web hosting services
  • Social media account management
  • Al-driven content creation
  • Money laundering services

The Role of Al in Facilitating Crypto Scams

Generative Al is increasingly being leveraged to enhance scam sophistication and efficiency. According to Elad Fouks, head of fraud products at Chainalysis and co-founder of Alterya, Al is amplifying scams by enabling high-fidelity, low-cost fraud that exploits human vulnerabilities.

Al allows fraudsters to do the following:

  • Create synthetic identities to bypass identity verification systems
  • Generate realistic fake websites and listings for investment and purchase scams
  • Enhance authorized push payment (APP) fraud, convincing victims to authorize fraudulent payments

Conclusion

Despite an overall decline in scam revenue, crypto-related fraud remains a pervasive issue in 2024, evolving with technological advancements. The proliferation of Al-driven scams, employment fraud, and money laundering platforms like Huione Guarantee underscores the growing complexity of illicit crypto activity. As scams become more sophisticated and geographically diverse, regulatory and enforcement measures must adapt to counter emerging threats in the crypto landscape.

Canada Denies Nigeria’s Defense Chief, Top Military Officers, Visas, Ribadu Furious

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Nigeria’s National Security Adviser (NSA), Nuhu Ribadu, has launched a scathing attack on the Canadian government after it denied visas to the country’s Chief of Defense Staff (CDS), General Christopher Musa, and other top military officers.

Ribadu, visibly angered by the decision, publicly condemned Canada, stating outright that the country “can go to hell” for refusing entry to the Nigerian military delegation.

The visa denials, which prevented General Musa and his team from attending an official event in Canada meant to honor war veterans, have sparked fresh concerns over Nigeria’s global standing and the treatment of its officials by Western governments.

“Every disappointment is a blessing. Yesterday, I was meant to be in Canada. There’s an event to honour our veterans, those that were injured during battles, and we were meant to be there,” General Musa revealed while speaking at the National Association of the Institute for Security Studies (AANISS) annual lecture in Abuja.

In response, Ribadu expressed his outrage, accusing Canada of disrespecting Nigeria’s military leadership and calling for a stronger Nigeria—one that would no longer be taken for granted on the international stage.

“Thank you for the courage to say Canada denied you visas. They can go to hell,” Ribadu said defiantly.

“Even though it’s painful, it’s disrespectful, but we are peaceful and strong, and I agree with you that it is time to fix our country. Yet, this is another reason we work hard to make Nigeria work,” the NSA added.

Human Rights Abuses Tied to Visa Denial

However, many believe that Canada’s decision was not arbitrary, but rather part of a broader international stance against alleged human rights abuses committed by the Nigerian military. In recent years, Western nations have increasingly imposed travel restrictions on individuals accused of serious rights violations, and Nigeria’s security forces have faced persistent allegations of extrajudicial killings, torture, and crackdowns on civilians.

The most notorious recent case was during the EndSARS protests in October 2020, when the Nigerian Army was implicated in the mass killing of unarmed protesters at the Lekki Toll Gate in Lagos. Witnesses, journalists, and human rights groups reported that security forces opened fire on peaceful demonstrators, who had been protesting against police brutality and calling for an end to the notorious Special Anti-Robbery Squad (SARS). The violent crackdown triggered global outrage, with calls for the prosecution of those responsible and sanctions against implicated officials.

Early last year, the Nigerian military invaded Okuama, a town in Delta State, killing and razing houses over the death of 16 personnel who were reportedly killed by militia men. Some of the community leaders arrested in connection to the incident died in the custody of the military, while others remain in detention without trial till now.

Human rights organizations, including Amnesty International and Human Rights Watch, have repeatedly accused the Nigerian military of war crimes in counterinsurgency operations, extrajudicial executions, and the unlawful detention of civilians in conflict zones. A panel set up by the Federal Government found the Nigerian Army and other security agents guilty of mass murder of the protesters.

Adding to the controversy, General Musa has repeatedly defended the aggressive nature of the Nigerian military, even as global scrutiny over human rights violations intensifies.

Late last year, Musa openly justified the Army’s use of force against civilians, arguing that military training deliberately cultivates aggression in soldiers.

In an interview with News Central, Musa stated: “It has also to do with the training. I don’t think anybody wants a docile military—I mean, then there shouldn’t be a military anymore. So somehow, the training brings out that animal aspect of the military. And then for the junior ones, these are things that we have to curtail; because of the nature of the training, they are made to be aggressive. That’s their nature.”

Musa further claimed that Post-Traumatic Stress Disorder (PTSD) and mental health challenges contribute to cases of soldiers assaulting civilians, though he insisted that efforts were being made to “contain the aggressiveness”.

However, many Nigerians and international observers have dismissed Musa’s remarks as a weak attempt to justify human rights abuses. They argue that highly ranked global militaries, such as those of the U.S., U.K., and France, also train their soldiers for combat without resorting to systematic human rights abuses.

Nigeria’s military ranking has also declined in recent years, further discrediting claims that excessive aggression is necessary for effectiveness. According to the Global Firepower (GFP) ranking, Nigeria’s military fell from 36th place in 2023 to 39th place in 2024—a drop that some argue reflects the military’s internal dysfunction and failure to adapt to modern warfare standards.

Human rights activists insist that Musa’s justification denotes that the Nigerian military has no real plans to curb abuses, which may explain why Western governments, including Canada, are taking a tougher stance on Nigerian military officials.

The visa denial for General Musa and his team is the latest indication that Nigeria’s military faces growing isolation on the global stage due to human rights concerns. While Canada has not formally explained its decision, many believe it aligns with its broader policy of restricting access to individuals accused of rights violations.

Although NSA Ribadu’s comments reflect Nigeria’s frustration, they do not address the underlying issue of military misconduct, which continues to damage Nigeria’s reputation. With global scrutiny on the country’s security forces mounting, it remains to be seen whether the Nigerian government will take meaningful action to improve accountability—or if it will continue to dismiss international concerns as mere diplomatic snubs.

Ribadu did however acknowledged the need for Nigeria to fix up. “I know the disrespect is too much and this is why we must quickly fix our country,” he said.

How do you invest? 

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In Tekedia Institute, we recognize three core types of investors, each with a distinct investment strategy:

Growth Makers: These investors buy stocks at a low price and wait for the value to increase significantly over time. They are focused on companies that have the potential for rapid growth and high returns. They like high risks!

Value Pickers: These investors look for undervalued stocks that have been beaten down but have the potential to rise in value. They often invest in companies that are currently out of favor but are expected to recover and perform well in the future.

Income Chasers: These investors prioritize companies that pay regular dividends. Their main goal is to receive a steady income from their investments, which is particularly important for retirees or those who need regular cash flow.

How do you invest?

What Smart Investors Do As They Invest

GameStop Mulls Bitcoin Investment as Meme Stock Frenzy Reignites

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Video game retailer GameStop Corp. is reportedly exploring investments in bitcoin and other cryptocurrencies, marking a potential strategic shift as the company searches for new ways to leverage its cash reserves.

According to sources familiar with the matter, the company is evaluating alternative asset classes, with a particular focus on bitcoin.

The mere possibility of such a move sent GameStop’s shares soaring by as much as 20% in extended trading, underscoring the ongoing influence of meme stock enthusiasts and the broader crypto market’s appeal to retail investors. However, GameStop has not yet made a final decision, as the company is still determining whether crypto investments align with its long-term business strategy, according to one source.

GameStop’s crypto speculation gained traction after CEO Ryan Cohen posted a photo on social media platform X (formerly Twitter) featuring Michael Saylor, the co-founder and chairman of MicroStrategy, the largest corporate holder of bitcoin. While this fueled speculation about GameStop following in MicroStrategy’s footsteps, sources clarified that Saylor is not involved in GameStop’s crypto deliberations at this time.

Cohen’s leadership has been closely watched since his 2020 investment in GameStop and his subsequent appointment to the board in 2021, a period that saw GameStop become a defining meme stock during the retail trading mania. While some expected him to spearhead a digital transformation, the company remains a struggling brick-and-mortar retailer in a shifting gaming landscape.

A Rocky Crypto Past: GameStop’s Abandoned Web3 Efforts

GameStop is no stranger to cryptocurrency and blockchain initiatives. In 2022, the company launched crypto wallets that allowed users to manage digital assets, including non-fungible tokens (NFTs). However, by August 2023, the company shut down the service, citing “regulatory uncertainty.”

The company also previously partnered with Immutable X, an Ethereum-based layer-2 scaling solution, to develop an NFT marketplace. While that effort initially attracted attention, the broader collapse of the NFT market and regulatory scrutiny over crypto assets cast doubt on the initiative’s long-term viability.

Given this history, GameStop’s reconsideration of cryptocurrency as an investment raises questions: Is this a genuine strategic pivot, or a move to capitalize on renewed hype in digital assets?

Following the MicroStrategy Playbook?

If GameStop moves forward with a bitcoin investment, it would be mirroring the bold playbook of MicroStrategy, which has transformed itself from a software company into a de facto bitcoin investment vehicle. Since 2020, MicroStrategy has accumulated over 190,000 BTC, making it one of the most aggressive corporate bitcoin holders.

This strategy has proven to be a double-edged sword. While MicroStrategy’s stock has surged alongside bitcoin’s meteoric rise, it has also experienced sharp declines during crypto bear markets.

However, GameStop differs from MicroStrategy in two key ways:

  1. Core Business Model – MicroStrategy had stable software revenue streams before pivoting to bitcoin, while GameStop is still struggling with declining physical retail sales.
  2. Investor Base – GameStop has an active and vocal retail investor community, making it more prone to volatility and speculative trading.

Cohen’s Investment Policy and GameStop’s Growing Cash Reserves

One critical factor that could influence GameStop’s crypto decision is its substantial cash reserves. According to a December securities filing, as of November 2, 2023, the company had amassed a $4.6 billion cash pile.

To manage this capital, GameStop’s board approved a new “investment policy” in December 2023, granting Cohen, two independent board members, and other key executives the authority to allocate the company’s funds within set guidelines. If an investment falls outside those parameters, it would require unanimous approval from the committee or a majority vote from the full board.

This governance structure suggests that any move into bitcoin or crypto assets would require internal consensus, making it less likely that the company will take an extreme approach like MicroStrategy’s all-in bitcoin bet.

Meme Stock Frenzy Reignites

GameStop’s stock price reaction—jumping 20% in after-hours trading—denotes that retail investors remain highly engaged with the company’s trajectory. The stock has long been a favorite among traders on platforms like Reddit’s r/WallStreetBets, where speculation often fuels massive price swings.

A potential crypto play could add a new speculative layer to GameStop’s already volatile stock, attracting both enthusiastic retail investors and skeptical institutional analysts.

While GameStop is still evaluating the merits of adding bitcoin to its balance sheet, a final decision has not been made. The company will need to weigh the potential upside of holding a volatile asset against the risks of further financial instability, especially as it navigates ongoing struggles in the gaming retail space.

If GameStop moves forward with a bitcoin investment, it could:

  1. Signal a strategic shift toward alternative assets, similar to MicroStrategy.
  2. Reinforce its image as a meme stock, attracting further retail speculation.
  3. Prompt regulatory scrutiny, given past crypto-related challenges.

On the other hand, if GameStop ultimately decides against investing in crypto, it could indicate that the company is prioritizing more traditional growth strategies rather than speculative financial maneuvers.

Understanding ADHD: Causes and Symptoms

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Attention-Deficit/Hyperactivity Disorder (ADHD) is a condition shrouded in misconceptions and often riddled with controversies. As a neurodevelopmental disorder, it affects millions worldwide, producing a mosaic of challenges that disrupt daily life. The enigmatic nature of ADHD often leads to misunderstandings about its origins, manifestations, and treatment options. Shedding light on the intricacies of this disorder can transform perceptions and outcomes for individuals who navigate its complexities. Below, we delve into the nuances of ADHD, providing clarity on its causes, symptoms, and the journey to diagnosis and management.

Unpacking ADHD: A Comprehensive Overview

ADHD is a complex condition marked by inattention, hyperactivity, and impulsivity, affecting both children and adults. Its symptoms vary widely, with each person experiencing a unique mix that can impact work and relationships. Despite common misconceptions, ADHD often comes with strengths like creativity and problem-solving abilities, enabling exceptional outcomes when managed effectively.

Recognizing ADHD requires understanding its often-invisible nature, as struggles are internalized and not always obvious to others. This can lead to stigma and misunderstandings, making tools like an ADHD quiz valuable for identifying symptoms and fostering empathy. A multifaceted approach is key to supporting those with ADHD.

Genetic and Environmental Triggers of ADHD

ADHD is a complex disorder influenced by a combination of genetic and environmental factors. Genetics play a significant role, with the likelihood of developing ADHD increasing when a close family member is diagnosed. Environmental factors, such as prenatal exposure to tobacco and alcohol, and postnatal exposure to lead and premature birth, also play a role.

Psychosocial factors like socioeconomic status, family dynamics, and educational practices also influence the onset and severity of ADHD symptoms. The interplay of these elements contributes to the complex etiology of ADHD, necessitating a comprehensive examination of each individual’s background and circumstances. Assessing these potential triggers is crucial for developing an accurate and personalized treatment plan.

Recognizing the Symptoms of ADHD in Different Age Groups

ADHD symptoms vary across age groups and can manifest as difficulty maintaining focus, impulsive behaviors, and excessive energy levels in children. As individuals transition into adolescence, symptoms may evolve, leading to difficulties with self-esteem, organization, and time management. The hyperactivity component may become inner restlessness, which can be misleading.

In adults, symptoms can become more nuanced and mistaken for personal faults, affecting long-term projects, relationships, and employment. If left unidentified and unmanaged, adult ADHD can lead to mental health issues like anxiety and depression. Early identification and accurate management of ADHD can lead to effective interventions and support systems, allowing individuals to capitalize on ADHD’s strengths and alleviate challenges.

ADHD Diagnosis: Navigating the Clinical Approach

ADHD diagnosis is a complex process involving multiple disciplines, including a detailed history, symptom assessment, clinical interviews, and standardized rating scales. It is crucial to differentiate ADHD from other conditions with overlapping symptoms. Professionals may also use behavioral observations and information from family members or teachers to gain a holistic view of the patient’s functioning.

A blend of methodologies ensures a comprehensive understanding of the individual’s challenges. Clinicians must avoid overdiagnosis and mislabeling normal developmental behaviors as pathological. The diagnostic journey can be overwhelming for patients and families, so it’s essential to connect with knowledgeable practitioners who can provide compassionate guidance.

Living with ADHD: Management Strategies and Support Systems

ADHD is a complex disorder that requires a multifaceted approach to management. It involves coping with symptoms, adopting strategies that harness the positive aspects of the disorder, and understanding the individual’s unique experience. Common management approaches include medication, cognitive-behavioral therapy, and coaching. These are not universal solutions. Complementary strategies like mindfulness, exercise, and structured routines are also essential.

Personalized lifestyle adjustments and educational interventions are crucial for children and adolescents. Support groups provide empathy and shared experiences for both young and adult individuals. Effective ADHD management is dynamic, embracing the individual’s evolving needs throughout their life. It involves creating a supportive environment and a toolkit of strategies to foster resilience and success.

Overall, ADHD is a multifaceted disorder that demands an equally multifaceted approach to understanding, diagnosis, and management. By acknowledging the diversity in experiences and challenges of ADHD, we pave the way for more empathetic discourse and effective support for those affected by it.