Crypto scammers took a beating in 2022, with revenue plummeting 46% compared to the prior year. Two scam types, however, managed to persist.
Crypto scam revenue was slashed by almost half in 2022 due mainly to falling crypto asset prices, but two scam types managed to stay immune.
"Scam revenue throughout the year tracks almost perfectly with Bitcoin’s price, consistently maintaining a three-week lag between price moves and changes in revenue. However, not every distinct type of scam follows this pattern — some types of scams see revenue changes increase as crypto asset prices decrease," explained the firm, adding:
Romance scams, while having lower overall revenue as a category, racked up the highest average victim deposit size in the year — with the average victim losing just under $16,000, nearly 3x more than the next biggest scam type.Romance scams typically involve, with the scammer convincing them that they need their help.
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