This is how fraudsters have adapted to crypto winter: chain analysis
This is how fraudsters have adapted to crypto winter: chain analysis
fraudsters adapt better than we can imagine and change depending on the market situation. This unveiling was made in a recently organized webinar of the well-known blockchain analysis company Chainalysis, in which crime trends at the industrial market were measured during the crypto winter. The data collected by the company showed how fraudsters adapted to the developments and volatility of the cryptoma market.
Not all fraudsters have behaved in the context of the bear market. This time it was the free giveaways and romantic frauds that managed to steal money from the victims' pockets.
fraudsters post the collapse of Terra
The data collected by Chainalysis showed how fraudsters have adapted to the developments and volatility of the cryptoma market. According to Eric Jardine, the research manager of the company for cybercrime, Terra's catastrophic collapse in May last year forced these fraudulent units to change their strategies.
The decline of algorithmic stablecoin and the subsequent contagion, which were largely reserved, to invest in projects.
As a result, investment frauds were not as successful as the market recovered. "The same script over and over again" made no sense, and during this time fraudsters resorted to attract victims by targeting their greed with free giveaway frauds. Romantic frauds were another trick to steal money.The executive explained
"Here it is indicated that there is an adaptation from the fraudsters and that the market conditions make it unlikely that investment fraud is profitable; may exchange your tactics for other frauds that play with other feelings."
crypto fraud: 2021 to 2022
The total income from fraud with digital assets was almost halved from almost $ 11 billion in 2021 to $ 5.9 billion in 2022. The income from ransomware attacks also decreased by 40.3 % to at least $ 456.8 million in 2022, compared to $ 765.6 million in 2021. This trend was to pay an increasing unwillingness of the victims, instead of a decline in the actual number of exploits.
However, there is a different kind of fraud that has gained in importance-the multi-level marketing scams-which made a large part of the stolen funds last year. In addition, almost $ 1.3 billion of income from the crypto fraud was taken by hyperverse fraud..