Crypto scams, particularly those involving 'pig butchering' and high-yield investment schemes, have seen a significant increase in 2024, with scammers netting over $9.9 billion, according to Chainalysis. The rise, which represents a 40% increase from the previous year, is attributed to the use of generative artificial intelligence (AI), which has enabled scammers to create more sophisticated and scalable fraud operations. The report suggests that the total amount lost to crypto scams could reach $12.4 billion as more data becomes available. AI technologies have been instrumental in lowering the barriers for scammers, allowing them to generate synthetic identities and fake investment schemes, thereby driving illicit activity to unprecedented levels. The Huione Guarantee platform has been identified as a key enabler of these AI-driven scams.