Research: Turnover of crypto scammers fell 46% in 2022 to $5.9 billion

When it comes to scams within the crypto industry, we can always count on Chainalysis for interesting research and data. From one new research from the analytics company shows that the turnover of scammers in 2022 fell considerably compared to 2021. In total, despite a drop in turnover of 46 percent, scammers still managed to raise $ 5.9 billion in capital.

Bad market conditions in crypto

The main reason for the 46 percent drop in turnover from scammers and criminals is the poor market conditions. The price drops naturally ensure that fewer people get on board and it is generally mainly beginners who fall for the scam.

Seasoned investors have seen it all and are not easily fooled. Despite that, a stolen capital of $ 5.9 billion is of course immense and is not good for the reputation of the industry.

Despite the drop from $10.9 billion to $5.9 billion, according to Chainalysis, there were two types of scams that proved immune to the price drops. These include scams with a romantic touch and so-called giveaways. According to Chainalysis, those two forms of scam show little to no correlation with the bitcoin (BTC) price.

Crypto scams with a romantic touch

On average, scammers posing as an interested potential life partner rake in nearly $16,000 per case. That is almost three times as many as the second place, which is for scammers posing as an acquaintance of the victim. With these types of scams, scammers rake in an average of $5,746 per case.

“The emotional pitch is unlikely to depend on the health of the market because the victim’s goal is not to get rich, but to help a potential romantic partner.”

According to Chainalysis in the report. Incidentally, this form of scam is one of all times, because it was also a regular occurrence on the internet before the rise of bitcoin. It is anything but easy to get your fiat money back if you send it to another country, especially if it concerns a non-Western country.

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