The Pig Butchering scams turned out to be one of the most prevalent threatss in 2024 stealing around $3.6 billion in assets from crypto investors. In a report published by Cyvers, a Web3 security company, it was revealed that these scams mainly tricked the Ethereum blockchain with 150,000 wallet addresses conned across 800,000 transactions.
What are Pig Butchering Scams?
Pig Butchering is an extended and very sophisticated fraud in which the criminals build up close relationships with their targets, and persuade them to invest in various fake cryptocurrency platforms. After making these big investments, they vanish, and the gullible investors end up with nothing.
These schemes include highly targeted investors hence having led to an increase in cyber threats in the crypto industry by 40% this year.

People Aren’t the Only Ones Being Hurt; Firms This Time Suffer From Access Control Hacks
Access control breaches were also to a significant extent behind crypto fraud this year: the share of such incidents was 81% and the financial losses, according to the study. These comprised 41.6% of all the reported cases, but the losses arising from such incidences call for the strengthening of protective modalities against unauthorised access and transfers.
In another report by Chain analysis, digital currency theft rose to $2.2 billion based on 303 incidents in 2024, from $1.8 billion in 2023; North Korean hackers accounted for $1.34 billion in 2024, which was more than double that of 2023.
A major shift materialized to centralized applications instead of DeFi systems, including attacks like Japan’s DMM $BTC ($305m) and Indian WazirX($234.9m). Regarding funds’ redistribution, experienced hackers used mixers and bridges between blockchains for 90% of stolen funds, while the private key’s poor management let the fraudsters steal 43.8% of the money.
The risks are such that they encourage people to adapt to cryptocurrency but also warn them to stay alert, check all the investment offers thoroughly and stay with reliable service providers.
#BinanceSeason #Crypto2025Trends #WazirX #scamriskwarning $ETH

Highest Loss of the Day Award Winner $WRX
It decreased by 22.5%.
This decline is due to the announcement by the Binance platform that the currency will be removed from trading on December 15, which is tomorrow.
However, you will find many posts by traders encouraging them to buy the currency, believing that its value will rise a few hours before the deletion.

The Delhi High Court demanded a fresh investigation in response to allegations of financial irregularities and a North Korean-linked hack.

Indian crypto exchange WazirX faces mounting challenges after the Delhi High Court ordered a fresh investigation into the platform on Dec. 18 — the same day Binance announced it would delist the exchange’s native token WRX.
The probe, spurred by allegations of a prior hack and concerns over financial irregularities, signals intensifying scrutiny on the beleaguered exchange.
The court’s directive came after Advocate Jaivir Bains filed a petition calling for criminal proceedings against WazirX in connection with a July 2024 breach that resulted in a loss of $235 million in crypto.
Initial reports from Delhi police concluded that no criminal case could be substantiated, but Justice Sanjeev Narula rejected the findings and required an updated status report by February 2025.
The investigation highlights lingering doubts about WazirX’s operational integrity, particularly in light of allegations that a North Korean hacking group orchestrated the breach. Despite a partial recovery effort led by cybersecurity firm Cyfirma, the exchange admitted that 43% of customer funds remain unrecoverable.
Binance delisting
The legal development comes as Binance announced it would delist WRX, citing a failure to meet compliance standards.
The delisting, effective Dec. 25, triggered a 59% drop in WRX’s value, reflecting eroded investor confidence. Binance has also denied ownership of WazirX, alleging the exchange is controlled by Zanmai Labs, which operates under the jurisdiction of India’s Financial Intelligence Unit.
While WazirX attempts to regain stability, including plans to relaunch its platform and introduce a decentralized exchange, critics have highlighted deficiencies in its crisis management and transparency. “The court’s move to demand a fresh probe reflects the severity of the allegations and raises questions about the future of WazirX,” said a legal analyst familiar with the case.
WazirX has pledged to rebuild with enhanced services, but the combination of regulatory scrutiny, financial losses, and market instability poses a formidable challenge for the once-prominent exchange.
#wazirX $WRX

Wazirx co-founder Nischal Shetty addressed concerns about the assets remaining after the cyberattack, stating that misinformation had caused unnecessary fear by suggesting that these assets had also disappeared. He stressed that such claims were baseless and were made only to attract attention. He also promised to share Wazirx’s Proof of Reserves (PoR) once a new custody provider was secured.