Revenue According to blockchain analytics firm Chainalysis, the number of cryptocurrency scams decreased by 46% in 2022. The agency stated that “market conditions” were likely responsible for the decline.
‘Cryptocurrency Scam Activity Down in 2022
Data Analytics company Chainalysis Launched its 2023 Crypto Crime Report Last week, which focused on crypto scams. “Cryptocurrency scam revenue fell 46% in 2022,” The report reads, which is 109 pages in length:
Revenue Crypto scams dropped significantly in 2022, plunging from $10.9 billion a year prior to $5.9 billion today.
Chainalysis It monitors many forms of crypto fraud, such as giveaway scams. Phishing scams. Funding scams. Non-fungible token (NFT). scams. Romance scams.
Noting The figures are “a lower bound estimate” According to the blockchain analytics firm “estimates of the actual amount lost to scammers will increase as we identify more addresses associated with scams.” The Agency was the topic of much discussion “pig harvest” Scams that have proven to be extremely popular are now commonplace. The Federal Bureau Of Investigation The FBI has issued multiple warnings about this type of crypto scam. Last NovemberSeven domains were taken over by the US government from pig harvest fraudsters.
Regarding The drop in profits due to crypto scams Chainalysis detailed:
We This reduction can be attributed to market conditions, since scam performance tends to worsen when crypto asset prices are declining.
“Crypto scam revenue began the year with a positive trajectory, but fell sharply in early May, around the same time the bear market set in following the Terra Luna crash, and then declined steadily for the remainder of the year.” , commented Chainalysis.
It is important to remember that “some forms of scams see income swings that rise as crypto asset prices decrease,” The blockchain analytics agency stated: “Scam revenue throughout the year almost perfectly follows the price of bitcoin, with a three-week gap between price movements and changes in revenue.”
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