The total scam revenue in 2022 currently stands at $1.6 billion, 65% less than it was through the end of July 2021, as a result of falling exchange rates for various cryptocurrencies, a new report has revealed.
Scams declined in line with the fall in Bitcoin’s (CRYPTO: BTC) price
According to blockchain data firm Chainalysis, revenue from scams has largely dropped in line with price of BTC from January 2022.
It is not just scam revenue that is declining – thus far in 2022, the total number of individual transfers to scams has been at its lowest level in the previous four years.
These figures suggest that fewer people are becoming victims of crypto fraud.
Chainalysis’ cybercrimes research lead Eric Jardine states that one explanation for this could be the fall in asset prices as …
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