Feb 10, 02:37 AM

Global Scam Industry Steals Over $500 Billion Annually; $2.3 Billion Lost to Crypto Scams in 2024, Says Singaporean Minister

The global scam industry is a growing concern, with estimates indicating that it steals over $500 billion annually from victims worldwide. A recent investigation highlights the 'pig-butchering' scam, which is identified as the most lucrative in this sector. In 2024 alone, scammers reportedly stole $2.3 billion from cryptocurrency investors, with over $500 million lost specifically to memecoin rug pulls and scams. The issue is compounded by the fact that online fraudsters netted €53 million from scams in the Netherlands last year. A guest essay by Singaporean Minister Sun Xueling emphasizes that combating these scams is a shared responsibility, calling for international collaboration, especially between countries like the U.S. and China, which are currently at odds. The Economist has launched an eight-part podcast titled 'Scam Inc' to delve deeper into the mechanisms of this predatory industry and the impact it has on individuals. The editorial boards of various publications have also stressed the need for a global response to tackle the increasing sophistication of these scams, particularly in regions like Myanmar.

#Netherlands #Sun Xueling #China #The Economist #Scam Inc #Myanmar

Written with ChatGPT (GPT-4o mini).

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