Fewer people than ever are falling prey to crypto scams, while hacks and stolen funds are trending upwards, new data show.
yesterday, showing an overall decline in illicit activity despite some outliers. Price downturns appear to have had an effect, with both illicit and legitimate volumes trending lower compared with this time last year. Still, Chainalysis noted that illicit activity appears to be more resilient, since volumes are down only 15% from last year compared to 36% for legitimate activity.
"Those numbers suggest that fewer people than ever are falling for cryptocurrency scams," the firm said in its report."One reason for this could be that with asset prices falling, cryptocurrency scams — which typically present themselves as passive crypto investing opportunities with enormous promised returns — are less enticing to potential victims."
Darknet market revenue charted a different path. The activity was tracking higher than the previous year in April, but saw a drop off past that point. Chainalysis pointed to the shut down and sanction of the Hydra marketplace, which drew substantial dark market activity. However, activity returned, which Chainalysis hypothesizes is due to Hydra users migrating to new markets in the wake of the crackdown.
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