Crypto Scammers Lose 33% in Revenue During Coronavirus Crisis

The global coronavirus pandemic is making its presence felt in the economic segment. Even cyber criminals and scammers are losing out on a lot of money, primarily those targeting cryptocurrency users.

Due to the coronavirus, a lot of aspects of everyday life have changed in quick succession.

Coronavirus Crisis Affects Scammers’ Revenue

When it comes to the financial aspect, things are not looking all that great for most businesses.

Even cyber criminals are feeling the pressure, as their revenue is dropping hard.

Chainalysis reports a near 33% decline in cryptocurrency scammer revenue in recent weeks.

That is a remarkable statistic, considering how the crypto industry has been very lucrative for criminals.

According to Chainalysis, revenue earned by scammers now sits below $300,000.

This is a sharp decrease from the $800.000 figure achieved in January of 2020.

One can only hope that these figures will continue to drop even further as more time progresses.

How much of this can be contributed to the coronavirus crisis, remains to be determined.

Despite the revenue decline, the number of transactions sent to scammers is still increasing.

That in itself indicates that crypto scams remain very popular, and unfortunately, also rather successful.

Some criminals even try to take advantage of the coronavirus crisis to introduce new types of scams

There is still a lot of work to be done before this criminal activity comes to an end.