The good news is that fewer people are being fooled by cryptocurrency-based scams. The bad news is more people are just having their cryptocurrency outright stolen in hacks.
A recent report from Chainalysis noted that while illicit activity has dropped overall (following the general downward trend in the market), the average hides major spikes in specific types of crimes. Based on an examination of blockchain data, the report said that far fewer people are getting scammed out of their cryptocurrency. Revenue from these scams, between July 2021 and July 2022, dropped by 65% to the still-eyebrow-raising sum $1.6 billion. Further bolstering this claim is the fact that the cumulative transfers to scammers so far is the lowest it's been in four years. In 2020, the high point in recent years, over 12 million people transferred money to scammers. In 2022, so far, fewer than 2.5 million people have.
"One reason for this could be that with asset prices falling, cryptocurrency scams — which...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...