Fewer people have fallen victim to cryptocurrency scams in 2022 so far due to falling asset prices and the exit of inexperienced crypto users from the market, a new crypto crime report reveals.
According to a Tuesday report by Chainalysis, total crypto scam revenue year-to-date is currently sitting at $1.6 billion, equating to a 65% decline from the prior year period, which appears linked to the declining prices of cryptocurrencies:
“Since January 2022, scam revenue has fallen more or less in line with Bitcoin pricing. [...] it’s not just scam revenue falling — the cumulative number of individual transfers to scams so far in 2022 is the lowest it’s been in the past four years.”
Chainalysis’ cybercrimes research lead Eric Jardine, the author of the report, explains that crypto investors are more likely to fall for scams during bull markets when the investment opportunities and outsized returns are most enticing to victims.
Jardine also hypothesized that bull markets also typically...
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