The chill is upon crypto scammers: Revenue drops 46% in 2022 — Chainalysis

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Falling crypto prices caused crypto-scam revenue to plummet by 2022. However, two types of scammers managed to survive. News Collect this piece of history Source: Chainalysis.Chainalysis however pointed to two different scam types that managed to stay relatively immune to the price falls — romance scams and giveaway scams. “Scam revenue throughout this year tracks almost exactly with Bitcoin’s prices, consistently maintaining a three week lag between price movements and changes in revenue. But not all scams follow this pattern. Some types of scams see their revenue change increase as crypto assets prices decrease,” explained the firm. “For example, unlike other types of scams, romance or giveaway scams don’t show a positive correlation to Bitcoin’s price.” Romance scams, although having lower overall revenue, had the largest average victim deposit size for the year, with the average victim losing just $16,000, almost 3x more than the next largest scam type. Average losses of victims in 2022 according to scam type. Source: Chainalysis. Romance scams involve building a relationship and convincing victims that they need their help. “This kind of emotional pitch is likely to be equally effective regardless of market trends because the victim’s primary purpose isn’t getting rich quick but rather to help someone who they believe to have a potential romantic partner,” said Chainalysis. Related: Scammers are targeting cryptocurrency users with new ‘zero-value TransferFrom’ trickRomance scams, especially “pig butchering” scams, are growing in concern. A United Kingdom investigation published Jan. 29 revealed that half of all scams in the state were connected to pig-butchering.