Over $5.5 Billion Stolen in Pig Butchering Scams: Cyvers Reports

A disturbing trend emerges in the demographic profile of pig butchering scam victims. While older adults have historically been the main targets of financial fraud, these scams now focus on younger, tech-literate individuals.

The latest data reveals that those aged 30 to 49 represent the majority of reported cases.

Pig Butchering Scams

A 2024 study by Cyvers analyzed 150 major crypto platforms, including exchanges, payment service providers, and banks, with a focus on the Ethereum blockchain. The research uncovered over 200,000 cases of Pig Butchering scams, which resulted in more than $5.5 billion stolen across 1.15 million fraudulent transactions.

The impact of these scams varied significantly among platforms. While some exchanges and service providers saw extensive fraud, others reported minimal cases. Among the ten most affected platforms were three of the five largest crypto exchanges by trading volume, a crypto-friendly bank, and an institutional trading platform.

The study demonstrated the scale of Pig Butchering fraud and the vulnerability of both centralized and decentralized financial systems.

A significant portion of funds stolen in Pig Butchering scams is concentrated in a small number of cryptocurrencies. While fraudsters utilize various digital assets, Cyvers found that certain high-liquidity coins are preferred for illicit transactions. These assets are targeted due to their greater acceptance and ease of laundering.

Stablecoins, particularly those with a strong market presence, are frequently used in scams due to their stability and seamless conversion. Additionally, major smart contract platforms experience high levels of fraudulent activity due to their dominance in decentralized finance (DeFi) and large transaction volumes.

USDT and Ethereum each account for 45% of stolen funds, while USDC and DAI represent 1.7% and 1.3%, respectively.

To evade detection, scammers leverage multiple micro-transactions to build victim trust and move funds across several wallets before reaching major exchanges. They use both centralized and decentralized protocols for laundering.

Additionally, cross-chain bridging allows them to obscure transaction trails, often swapping assets for privacy coins such as Monero. Meanwhile, cashing out occurs through OTC markets, money mules, and gift card conversions, which makes tracking and recovery difficult.

From Romance to Ruin

Pig Butchering now accounts for over 60% of such cases. It is a highly adaptable scam that blends elements of romance fraud, investment scams, and Ponzi schemes. Unlike traditional rug pulls or quick deception tactics, Pig Butchering relies on long-term psychological manipulation. Scammers build trust through emotional connections, similar to romance scams, before luring victims into fraudulent investments.

These schemes promise high returns and mimic Ponzi structures, before ultimately draining victims’ funds. This hybrid nature makes Pig Butchering particularly devastating and enables scammers to exploit victims on both emotional and financial levels.