Connect with us

Hi, what are you looking for?


Crypto fraud revenues drop 65% following market meltdown

According to new data scam revenues have dropped by 65% in one year. At the end of July 2021, the figure was 4.5B compared to 1.6B during the same period in July 2022.

Speaking on the data, TradingPlatforms’ Edith Reads said. “The data collected by our platform reflects the current state of the crypto industry. The market is young and ever-changing, so new scams are constantly popping up while old ones die out. As the market has matured, we’ve seen a decrease in overall scam activity. However, this doesn’t mean that investors should let their guard down. There are still plenty of scams, and it’s important to be vigilant.”

Investors are alert to fraud

Crypto markets have been volatile this year, with significant price decreases across the board in May and June. The price of a single Bitcoin has recently been between $20,000 and $24,000. When Bitcoin was at its peak price, scam artists raked in around $5 million daily.

PlusToken and Finiko are among the significant outliers that drive the revenue scam. PlusToken scammed more than $2 billion in 2019, while Finiko milked more than $1.5 billion in 2021. However, there are no such significant frauds so far in 2022.

Crypto Market

Crypto markets have shown steadiness in the last few weeks. This might be a pointer that the market might begin rising sooner. As the market starts to heat up, more hacking incidents are expected to be reported. These could lead to an increase in fraud as investors become easy targets. The full story and statistics can be found here: Crypto Fraud Revenues Drop 65% After the Market Meltdown

Read more:
Crypto fraud revenues drop 65% following market meltdown

You May Also Like


The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...


After taking a breather in the week before this one, the Indian equity markets resumed their up move. The headline index continued with its...


It was supposed to be a debacle. As the Second World War drew to a close, the nation’s leading economists feared that, once the...


Small businesses are bringing forward their finance applications in order to beat expected further interest rate rises, according to new research. Four-in-ten (44%) SME...

Dislaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023 | All Rights Reserved