Author Topic: Coronavirus Has Erased 33% of Crypto Scammers’ Revenue  (Read 846 times)

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Coronavirus Has Erased 33% of Crypto Scammers’ Revenue
« on: April 12, 2020, 11:56:15 PM »

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Researchers initially thought the coronavirus might make people less susceptible to scams. But they found that just as many people were being affected. The number of individual transfers – the number of payments sent to scammers – actually hit a year-to-date high at the start of April.

What Chainalysis concluded was that the major sell-off in cryptocurrencies sparked by the coronavirus – total market cap fell by $100 billion in mid-March, according to CoinGecko – had a knock-on effect on scammers' revenue.

"We believe scammers are still receiving those same payments from roughly the same number of victims per month. The payments are just worth less now due to cryptocurrency price drops," Chainalysis said in its report.

"In short, while COVID-19 is providing phishing and blackmail scammers with new fraudulent stories to entice victims, the cryptocurrency price drops spurred by the pandemic have drastically reduced the revenue of the Ponzi schemes and investment scams that make up most cryptocurrency scamming activity."

source: coindesk