Losses from cryptocurrency scams are on track to hit record levels in 2024 after scammers have increasingly used generative AI to trick victims. Cryptoc

WILLIMANTIC, CT (WFSB) - State police said they were able to recover and return $180,000 lost in a cryptocurrency scam. Troopers said their “State Police Cryptocurrency Working Group” returned the money to a Willimantic resident who fell victim to an international investment fraud scam.

The rise of "pig butchering" scams and the increasing use of generative artificial intelligence likely lifted revenues from crypto scams to a record high in 2024, according to blockchain analytics firm Chainalysis.

Crypto scam revenue is estimated to have hit record levels last year as cybercriminals leverage new technologies like AI and become more organized.

Scammers became more active in 2024, ending up with an estimated haul between $9.9B and $12.4B. Chainalysis discovered high yield scams were the most active, followed by personalized confidence or job scams.