The trend is not likely to reverse any time soon.
Chainalysis estimates that so far this year, North Korea-affiliated groups have stolen approximately $1 billion of cryptocurrency from DeFi protocols., the blockchain intelligence firm saw a sharp 65% decline through July, in line with the slump in digital asset prices. Total scam revenue in the year to July was $1.6 billion, down 65% from around $4.46 billion in the same period last year.
Crypto market capitalization late Thursday was at $1.1 trillion, according to CoinGecko, down more than 50% from around $2.35 trillion at the beginning of the year.roughly 48% in price and hovered between $20,000 to $24,000 in the last few months. Since January 2022, scam-related proceeds have fallen in line with the price of bitcoin, Chainalysis said. Not only did proceeds from scams fall, but the cumulative number of individual transfers to scams in 2022 was the lowest in the past four years.
“Those numbers suggest that fewer people than ever are falling for cryptocurrency scams,” Chainalysis said in the 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.”
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