Revenue From Crypto Scams Dropped In 2022
A new report from blockchain analytics firm Chainalysis reveals the impact of last year’s crypto winter on crypto scams and their revenues. According to the report, revenue from crypto scams will drop by 46% in 2022 as a result of falling crypto prices, market FUD, and an industry-wide downturn.
Chainalysis tracked five major crypto scam categories to compile data on scam revenue. Giveaway Scams, Impersonation Scams, Investment Scams, NFT Scams, and Romance Scams are all examples of scams. The most revenue was generated by Investment Scams, in which victims are persuaded to invest their crypto assets in exchange for massive returns.
In fact, the top ten revenue-generating scams were all Investment Scams. Last year, scammers earned $1.29 billion from HyperVerse. In 2022, the top ten Investment Scams generated $3.4 billion, accounting for more than 57% of all revenue from crypto scams.
(With inputs from Shikha Singh)
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