The drop in crypto scam revenue was due to market conditions and the low price of bitcoin and other assets.
Last year was less profitable for crypto scammers as their revenue plunged nearly 50% in 2022, according to a new study by blockchain analytics firm Chainalysis.that the decrease in revenue could be linked to the decline in the value of cryptocurrencies due to the correlation of most scam types with bitcoin’s price.Crypto scam revenue started 2022 on an upward trend but came spiraling down in May at the onset of the bear market following the Terra ecosystem collapse.
From a record of $10.9 billion in 2021, crypto scam revenue dropped to $5.9 billion. Due to the relationship between several heist types and bitcoin’s price movement, victims were reluctant to spend their funds as the asset crashed further.
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