Losses to romance baiting, or pig butchering, scams increased 40% year-on-year (YoY) in 2024 to comprise a third of total crypto fraud revenue, according to Chainalysis.
A day before Valentine’s Day, the blockchain analytics company revealed the darker side of dating apps, in the latest chapter of its 2025 Crypto Crime Report.
Romance baiting typically occurs when vulnerable individuals are approached on dating sites, before being groomed by scammers and then persuaded to invest in some kind of investment scam.
Fuelled by the activity of large-scale scam compounds in south-east Asia, many of which are staffed by individuals working there against their will, the number of deposits to pig butchering scammers increased 210% YoY in 2024, indicating a growing number of victims.
“Conversely, the average deposit amount to pig butchering scams declined 55% YoY,” Chainalysis said.
“The combination of lower payment amounts and increased deposits could indicate a change in strategy for pig butchering scams. Scammers could be spending less time priming targets, and therefore, receiving smaller payments, in exchange for targeting more victims.”
Read more on romance baiting: Interpol Calls for an End to “Pig Butchering” Terminology
In fact, some pig butchering scam operations are already diversifying into other tactics, thought to reap smaller but faster rewards, such as “work-from-home” scams.
“Scam operators are also likely wising up to the traceability of cryptocurrency, and are now having victims reach out to ‘customer service’ representatives to obtain a crypto address,” the report continued.
“Some scammers are foregoing cryptocurrency as a payment option altogether and are instead directing scam victims to other payment services.”
A Record Year
Overall, 2024 is likely to be a record year for fraud, according to Chainalysis. Cryptocurrency scams received at least $9.9bn on-chain, but the figure is estimated to rise to around $12.4bn after the final tally is counted.
High-yield investment scams comprised the largest chunk of this money (50%), although that figure was down 37% from 2023.
Crypto drainers accounted for just 9.5%, but revenue increased 170% annually, while deposits to scam crypto addresses increased 55% in size and 75% YoY in number.
Driving the rise in fraud and scams is the professionalization of the industry, thanks to marketplaces like Cambodia-based Huione Guarantee. According to the report, scam infrastructure providers collectively received at least $376m in cryptocurrency last year.
Generative AI is also helping to fuel a fraud epidemic, by enabling scammers to bypass identity checks. Chainalysis-owned Alterya found that 85% of scams involve fully verified accounts that bypass traditional identity-based solutions.
Law enforcement is also warning of a growing use of crypto ATMs by criminals looking to receive payouts from their activities.
Individuals, law enforcers, governments and regulators must all play their part in a “sustained effort” to help push back against this rising tide, the report concluded.
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