Crypto scam revenue slips 65% amid economic downturn

As the global downturn continues, the crypto scam revenue for 2022 also dropped 65 per cent at $1.6 billion this year, lower than where it was through the end of July in 2021.

Since January 2022, scam revenue has fallen more or less in line with Bitcoin pricing, reports Blockchain analysis firm Chainalysis.

“It is not just scam revenue falling — the cumulative number of individual transfers to scams so far in 2022 is the lowest it has been in the past four years,” the report mentioned.

Those numbers suggest that fewer people than ever are falling for cryptocurrency scams.

One reason for this could be that with asset prices falling, cryptocurrency scams are less enticing to potential victims.