Cryptocrime drops significantly in 2023, but it's not all good news
Through June, crypto criminals have made around $3.3 billion less in 2023 than they made in 2022, for a total of a little over $1.0 billion on the year. In short, crypto scammers have made 77% less revenue than they did in June 2022.
The report also mentioned that inflows to “risky entities” such as high-risk exchanges and mixers have also declined by 42%. Crypto hackers frequently use these tools to launder stolen assets.“Usually, positive price movements translate to higher scam revenue, likely because increased market exuberance and FOMO make victims more susceptible to scammers’ pitches. But 2023’s drastic scam decline bucks that long-standing trend.”has increased by 80% since the beginning of the year.
According to the report, this dip in revenue earned by crypto criminals is largely driven by the near non-existence of two major investment-type scams, VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management. Both the schemes appear to have exit scammed.Ransomware attacks are growing at a striking pace in the crypto market even as other types of crypto crimes have declined. This year, ransomware attacks have led to a loss of at least $449 million through June.
5/ However, ransomware is up significantly. In fact, ransomware attackers are on pace for their second-biggest year ever, having extorted at least $449.1 million through June.
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