Cryptocurrency-related crimes have reduced by 15 percent, a new report by blockchain analytics firm, Chainalysis says.
This, the report ascribed to the reduced number of people falling prey to such scams.
According to the report, total scam revenue for 2022 is 65% lower than it was through the end of July 2021, currently sitting at $1.6 billion.
This, the report ascribes to the reduction in the values of the cryptocurrency market, due to the bear market.
“If we dig into specific forms of cryptocurrency-based crime, we find that some have increased in 2022, while others have declined more than the market overall,” the firm reports.
“We shouldn’t expect theft to dropping based on cryptocurrency market movements the way scamming does,
“As long as crypto assets held in DeFi protocol pools and other services have value and are vulnerable, bad actors will try to steal them.” the report said.