Chainalysis: Crypto Scam Revenue Dropped 46% in 2022
“The organization published its Crypto Crime Report 2023 last week, with blockchain data analytics firm Chainalysis predicting crypto scam revenue will drop by 46 percent in 2022,” the 109-page report detailed. It has been told.
Analytics Farm works to track several types of crypto scams, including cheap scams, impersonation scams, investment scams, non-fungible token (NFT) scams, and romance scams.
Noting this number on blockchain analytics form steel, the “lower-bound estimate” states that “estimates of the actual amount lost to fraudsters will increase as we identify more addresses linked to the scam.” In particular, the firm describes a scam dubbed the “pig butcher” scam that has become dangerously popular. The Federal Bureau of Investigation warns about similar crypto scams and has come out several times. Last November, 7 domains used by scammers in a scam called Pig Butcher were seized by the US authorities. Regarding the decline in crypto scam revenue, the form explains in detail that we attribute this decline to market conditions. Most give credit because the scam’s performance worsens after cryptocurrency market prices drop. The form also elaborates that the revenue of cryptocurrency scams has started trending upwards at the beginning of the year while it had already fallen in early May and at the same time the bear market set in after the collapse of Terra Luna went up and then registered a steady decline for the rest of the year.
The blockchain analytics firm predicts that “certain types of scams could see an increase in revenue as cryptocurrency assets depreciate, and that scam revenue tracks almost perfectly with the price of bitcoin throughout the year.” and at the same time consistently maintains a 3-week gap between price moves.
