Putting Lipstick on a Pig

A Deep Dive into Pig Butchering Scams in Crypto

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What You'll Discover in this Report:

Butchering scams have become one of the most damaging fraud schemes in crypto, deceiving victims into transferring billions to fake investment platforms. These scams not only devastate individuals but also expose crypto exchanges, banks, and PSPs to regulatory scrutiny, reputational damage, and lawsuits as they unknowingly process fraudulent transactions.

This report provides a comprehensive analysis of Pig Butchering scams, their mechanics, and their growing impact on the crypto ecosystem. Key insights include:

Scale & Trends: Over $5.5 billion stolen in 1.15 million fraudulent transactions, affecting top-tier exchanges and financial institutions.
Fraud Techniques: How scammers manipulate victims, launder funds, and evade detection using DeFi protocols, cross-chain transfers, and AI-generated deception.
Regulatory Landscape: An overview of global efforts to combat Pig Butchering, including APP Fraud Reimbursement (UK), the Shared Responsibility Framework (Singapore), and PSD3 (EU).
Fraud Prevention Strategies: How real-time blockchain intelligence, AI-powered detection, and industry collaboration can mitigate risk and protect both users and institutions from this growing threat.