Revenue from cryptocurrency scams dropped 46% in 2022, according to blockchain data analytics firm Chainalysis. “We attribute most of this decline to market conditions, as scam performance tends to worsen when cryptocurrency prices are in decline,” the firm explained.
‘Crypto Scam Revenue Fell Significantly in 2022’
Blockchain data analytics firm Chainalysis published its 2023 Crypto Crime Report last week with a section on crypto scams. “Crypto scam revenue dropped 46% in 2022,” the 109-page report reads, elaborating:
Crypto scam revenue fell significantly in 2022, from $10.9 billion the year prior to just $5.9 billion.
Chainalysis tracks several types of crypto scams, including giveaway scams, impersonation scams, investment scams, non-fungible token (NFT) scams, and romance scams.
Noting its numbers are “a lower-bound estimate,” the blockchain analytics firm explained that “estimates of the true amount lost to fraudsters will grow as we identify more addresses asso
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