Crypto scam cases keep increasing. The 2023 report published by Chainalysis could nevertheless comfort certain companies as well as regulators. Its mid-year report unveils the latest trends on the crypto scam in 2023.
Falling losses in crypto scams
According to the Chainalysis report, crypto scam cases generate much less revenue in 2023. Through the end of June, the total losses suffered by the industry amount to almost 2.5 billion dollars.
We then see a 65% drop compared to mid-2022. According to Chainalysis, this decrease can be attributed to many factors. The “drying up of hacks and scams” is one of them.
Identity theft scams on the rise
Despite the general downward trend, identity theft scams are seeing a disturbing increase this year. According The report from Chainalysis, this form of crypto scam touches nearly 50% more people compared to the previous year.
Scammers who pose as authority figures always enjoy a certain level of success, as victims are more likely to trust them. This situation is concerning, as other forms of crypto scams show a drop of 70%.
Ransomware: A Growing Threat to Organizations
In its 2023 report on the crypto scam, Chainalysis highlights another important point: ransomware attacks are still a serious threat in 2023. According to the analytics firm, losses from these attacks amount to nearly $450 million this year. They greatly exceed the figures of the previous year.
Ransomware attackers target both large and small organizations. They use targeted ransomware. This form of crypto scam constantly evolvingmaking it a major concern for data security and crypto market stability.
Admittedly, Chainalysis’ 2023 balance sheet shows a decline in losses. Impersonation scams and ransomware attacks, on the other hand, are on the rise. Security and user protection therefore remain key to dealing with these challenges in the crypto industry.
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