Crypto scams are looking less attractive during the bear market, leading to fewer stolen funds.
Kim Grauer – Director of Research at Chainalysis – said there’s been a “pullback” in funds received by cryptocurrency scam addresses during the bear market. Other forms of financial crime in the digital asset world, such as ransomware, do not reflect the same trend.to Yahoo Finance on Thursday, scamming is the largest subset of criminal activity on the blockchain. Chainalysis data shows that scams were the biggest source of revenue for criminals in 2021, netting $7.7 billion in 2021 alone.
Grauer believes the correlation is only natural. “[A scam] is someone willingly parting with their funds in hopes of seeking a higher return.” The scamming ecosystem is also evolving with every market cycle. Law enforcement is learning to proactivelyThat said, scammers’ methods are also becoming more sophisticated with each crypto winter. Cryptocurrency romance scams and business/ government imposters netted over $300 million from victims spanning from January 2021 to March 2022.
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