Crypto Scams Have Receded Alongside Bitcoin’s Price
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.
As Grauer explained 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. Though still a “pack leader” in 2022, the director noted that their prevalence tends to expand and shrink alongside the broader crypto market. Thus, with Bitcoin’s price caught in a consistent downtrend across the year, scams have been less successful in turn.
Source
Info: @CryptoValent
