While illicit activity took almost $2 billion of users’ funds, there are some bright spots in Chainalysis report
As the Chainalysis report shows, despite the overall collapse of the digital asset industry, with some cryptocurrencies recovering as much as 70%, illegal activity in the market hasn’t subsided for a moment.
According to the monthly cryptocurrency value received by illicit entities chart, the volume of funds that hackers received in their wallets is still moving in an uptrend despite the plunge of the market.
As of July, hackers stole slightly less than in the same period of 2019 and 2021, but the situation may change in winter as it is usually the most profitable month for a group of users who engage in illegal activities, scamming and hacking. include.
On the positive side, we can see a notable decrease in the cumulative monthly value received by scams. At press time, the total revenue of scammers sits at $1.6 billion, which is 65% lower than where it was through the end of July of last year.
The main reason for the reduction in revenue made by scammers may be linked to a correction in the market, which drives away new retail investors who are usually the main targets of scammers in the cryptocurrency industry.
In addition to the drop in overall scam-related volume, we are also seeing the decrease in the cumulative number of transfers to scams in 2022, which may signal increasing education among investors about scamming or suspicious projects.
Since 2021, no major scam projects of the same caliber as PlusToken or Finico have appeared in the space, which is why the cumulative volume includes only a batch of smaller projects that collect less than $100 million per run. .
