Crypto scams fall 65% after gullible noobs exit the market: Chainalysis
Less gullible retail investors and falling asset prices have made scamming a less enticing endeavor, but the tsunami of new DeFi applications has hackers licking their lips. Fewer people have fallen victim to cryptocurrency scams in 2022 so far due to falling asset prices and the exit of inexperienced crypto users from the market, a new crypto crime report reveals. According to an Aug. 16 report from Chainalysis, total crypto scam revenue year-to-date is currently sitting at $1.6 billion, equating to a 65% decline from the prior year period, which appears linked to the declining prices of....
Related News
Sherman said any task force or committee set up to help and protect investors wouldn’t work as long as gullible investors keep investing in meme coins. In a recent interview, United States congressman and a known crypto skeptic Brad Sherman claimed that banning cryptocurrencies is not an option at this point.In a statement to LA Times, the Northridge-area Democrat said that the crypto industry has become quite powerful over the years. He added that the high capital donations to the politicians and strong crypto lobbying make it impossible for them to impose a blanket ban. He explained:“We....
Crypto scams are a pervasive problem that the industry has had a hard time shaking off. Even when the scams get popular enough that investors no longer fall for them, the scammers come out with even more sophisticated versions of their scams to lure unsuspecting investors. The use of prominent figures such as Elon Musk […]
With criminals using fresh tactics to maximize their illegal earnings, the terrain of crypto scams is changing at a concerning speed. Recent data from blockchain forensics firm Chainalysis reveals a significant shift in how scammers operate, showing a preference for targeting more victims with smaller amounts rather than focusing on big fish. This transformation represents […]
Chainalysis has found that illicit crypto volumes are down this year, with total scam revenue sitting at $1.6 billion, 65% lower than where it was through the end of July last year. “Those numbers suggest that fewer people than ever are falling for cryptocurrency scams,” the blockchain data analytics firm wrote.
Data Shows Illicit Crypto Volumes Are Down
Blockchain data analytics firm Chainalysis published its mid-year crypto crime update titled “Illicit Activity Falls With Rest of Market, With Some Notable Exceptions” on Tuesday.
The firm....
The proceeds of crypto crime fell by more than $5 billion in 2020, due to increasing regulatory compliance by crypto exchanges and declining scams. Revenue from crypto-related crime dropped by more than half in 2020 according to Chainalysis’ annual report on the subject.Cybercriminals netted around $5 billion less than the $10 billion plus they got away with in 2019, representing a 53% fall. Transactions involving illicit funds have decreased even more rapidly than the total volume of those funds, falling from 2.1% of all transactions analyzed in 2019 down to just 0.34% last year. Among....