Crypto Analysis Firm Chainalysis Revealsreportthe middle of the year, showing that Overall illegal activity has declined compared to this time last year.
Scam revenue for the year is down 65% compared to July 2021 to $1.6 billion, which Chainalysis sees as being linked to the price drop. This is because the decline in scam revenue is quite consistent with the bitcoin price drop since the beginning of this year.
“These figures suggest that fewer people are falling victim to cryptocurrency scams,” the company said in its report. “One of the reasons might be the low asset price. Crypto scams generally lure victims with opportunities to invest in crypto with huge returns.”
meanwhile The amount of hacks and stolen has increased compared to last year. According to Chainalysis, $1.9 billion was stolen in July. That’s higher compared to $1.2 billion in July 2021.
“We do not expect hacks to decrease with cryptocurrency market movements as well as scams. As long as digital assets belonging to the DeFi protocol family and other services have value and risk,” Chainalysis said, “the only way to stop them is for the industry to strengthen its security. and educate consumers on how to find safe projects to invest in.”
The post Chainalysis reveals that Crypto scams are declining, but hacking is on the rise, appeared first on Bitcoin Addict.