Cryptocurrency scam victims increase, while revenue from scams decrease 75% in 2020: Report

May 21, 2022 | Corey Augenstein

cryptonews

Total scams around cryptocurrencies declined from around $9 billion to under $2.7 billion in 2020

Data from the report showed six Ponzi schemes accounted for nearly $7 billion worth of cryptocurrency in 2019

Scam is the highest-grossing form of cryptocurrency-based crime. However, total scam revenue for cryptocurrencies declined from around $9 billion to under $2.7 billion in 2020, as per Chainalysis crypto crime report. Interestingly, the report claimed that the number of individual payments to scam addresses rose from over 5 million to 7.3 million, suggesting a rise of over 48% in the number of individual scam victims.

Data from the report showed six ponzi schemes accounted for nearly $7 billion worth of cryptocurrency in 2019, which was more than double of what all scam categories made in 2020. To be noted that ponzi scheme PlusToken scam had accounted for around $3 billion worth of cryptocurrency, from its victims.