The Mid-year Crypto Crime Update from blockchain analytics agency Chainalysis was simply launched, and reveals some attention-grabbing knowledge on how scammers deal with the downturn.

Obviously, market circumstances are fairly completely different this 12 months than final, so the entire variety of official and rip-off transactions are down total.

But scammers aren’t as fast as as merchants to take a step again, illicit transaction quantity is down simply 15%, in comparison with 36% for official transactions.

“Total scam revenue for 2022 currently sits at $1.6 billion, 65% lower than where it was through the end of July in 2021, and this decline appears linked to declining prices across different currencies.”

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While the above knowledge makes it appear to be it is ‘enterprise as ordinary’ for scammers, one piece of knowledge provides some superb information – much less individuals are falling for scams now than within the final 4 years. 

“..he cumulative number of individual transfers to scams so far in 2022 is the lowest it’s been in the past four years.”

Cannabis crowdfunding platform that was really a ponzi scheme, JuicyFields, introduced in probably the most income amongst scams up to now this 12 months, with over $1B of incoming transfers.  

The darknet market additionally noticed a decline in spending, with a big quick decline taking place alongside the takedown of Hydra Marketplace by German authorities. 

You can learn the complete report from Chainalysis here.

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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News