Crypto crimes are raking in far less revenue this year due to a dry-up among hacks and scams, according to Chainalysis. realDannyNelson reports
Crypto crimes are raking in far less revenue this year due to a dry-up among hacks and scams, according to a mid-year report from Chainalysis, which tracks illicit wallet addresses.
Through the end of June, the industry’s total losses to illicit actors ranged near $2.5 billion and had fallen 65% relative to mid-2022, whereas legitimate actors were experiencing a “much less severe” drop in inflows during the sluggish bear market,Scammers in particular are pulling in billions of dollars less this year.
Impersonation scams are, however, bucking the trend: they’re duping nearly 50% more people this year than last. As a result, scammers who pose as authority figures are seeing only a 23% drop-off in overall inflows, whereas all other scams are down 70%. Unfortunately, it's not all bad news for the bad guys. Chainalysis said ransomware attackers are far outpacing their 2022 haul, with nearly $450 million extorted so far. Attackers are finding success across the board by infecting big and small organizations with targeted ransomware as well as less sophisticated “spray and pray” packages.
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