Blockchain analytics firm Elliptic has identified a surge in "pig-killing scams," where victims are deceived into investing in fake cryptocurrency projects. According to Elliptic's "2025 Genre Report," these scams have evolved into a multi-billion dollar industry, with criminals employing sophisticated money laundering techniques akin to those used by financial institutions. The report highlights the use of self-hosted wallets, cross-chain bridges, and mule accounts on regulated platforms to obscure the origins of illicit funds. The scams often originate from call centers or warehouses in Southeast Asia, leveraging the transparency of blockchain transactions to evade detection. Elliptic also notes an increase in sanctioned individuals using stablecoins for cross-border transactions, indicating a broader trend of illicit activity in the crypto space. Regulators are urged to utilize blockchain's transparency to identify and combat these scams effectively.