Chainalysis: Crypto Scam Revenue Dropped 46% in 2022

Revenue from cryptocurrency scams dropped 46% successful 2022, according to blockchain information analytics steadfast Chainalysis. “We property astir of this diminution to marketplace conditions, arsenic scam show tends to worsen erstwhile cryptocurrency prices are successful decline,” the steadfast explained.

‘Crypto Scam Revenue Fell Significantly successful 2022’

Blockchain information analytics steadfast Chainalysis published its 2023 Crypto Crime Report past week with a conception connected crypto scams. “Crypto scam gross dropped 46% successful 2022,” the 109-page study reads, elaborating:

Crypto scam gross fell importantly successful 2022, from $10.9 cardinal the twelvemonth anterior to conscionable $5.9 billion.

Chainalysis tracks respective types of crypto scams, including giveaway scams, impersonation scams, concern scams, non-fungible token (NFT) scams, and romance scams.

Noting its numbers are “a lower-bound estimate,” the blockchain analytics steadfast explained that “estimates of the existent magnitude mislaid to fraudsters volition turn arsenic we place much addresses associated with scams.” The steadfast specifically mentioned “pig butchering” scams which person go alarmingly popular. The Federal Bureau of Investigation (FBI) has warned astir this benignant of crypto scam galore times. Last November, U.S. authorities seized 7 domains utilized by pig butchering scammers.

Yearly crypto scam gross from 2017 to 2022. Source: Chainalysis.

Regarding the diminution successful crypto scam revenue, Chainalysis detailed:

We property astir of this diminution to marketplace conditions, arsenic scam show tends to worsen erstwhile cryptocurrency prices are successful decline.

“Cryptocurrency scam gross began the twelvemonth trending upwards, but plummeted successful aboriginal May — the aforesaid clip the carnivore marketplace acceptable successful pursuing the illness of Terra Luna — and past declined steadily passim the remainder of the year,” Chainalysis described.

While noting that “some types of scams spot gross changes summation arsenic crypto plus prices decrease,” the blockchain analytics steadfast pointed out: “Scam gross passim the twelvemonth tracks astir perfectly with bitcoin’s price, consistently maintaining a three-week lag betwixt terms moves and changes successful revenue.”

What bash you deliberation astir cryptocurrency scam gross dropping 46% past year? Let america cognize successful the comments conception below.

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