Chainalysis breaks down how scammers adapt during the bear market
As crypto traders became wary of making investment decisions amid the Terra collapse in 2022, scammers shifted to free giveaways and romance scams. While scammers can also feel the chill of the crypto winter as scam revenue drops by 46%, some continue to adapt and thrive despite the bear market. In a crypto crime webinar focusing on crimes that affect consumers, Eric Jardine, the cybercrimes research lead at Blockchain Analysis firm Chainalysis broke down how scammers shift their strategies as market situations change. Romance and giveaway scams rose in 2022. Source: Chainalysis According to Jardine, while the overall crypto scam revenue dropped in 2022, not all scams behaved similarly. He explained that: "One of the new innovations in this year's report was sub-classing scams into types. And there, what we discovered was that not all scams behaved the same way in the context of the bear market." While the Terra collapse in 2022 made crypto investors skeptical of m...