Feb 17, 2023
Crypto Scam Revenue Plummets 46%, Romance Scams Stay Immune
Cryptocurrency scams have been a growing concern in the web3 space. In 2022, overall crypto scam revenue dropped by 46% to $5.9 billion due to poor market conditions. However, two types of scams managed to stay relatively immune to the price falls — romance scams and giveaway scams.
According to a Feb. 16 crime report from Chainalysis, the decline in scam revenue was primarily due to lower crypto prices. Generally, lower crypto prices lead to lower scam performance.
The data shows that while romance scams had lower overall revenue as a category, they had the highest average victim deposit size in the year — with the average victim losing just under $16,000, nearly 3x more than the next biggest scam type.
Chainalysis explained that these scam types are most likely to persist when crypto prices are down because they target victims’ compassion rather than greed.
“That kind of emotional pitch is probably equally effective regardless of trends in the wider market, because the victim’s primary goal isn’t to get rich quick, but rather to help someone they believe to be a potential romantic partner,” the firm wrote.
These scams, and particularly “pig-butchering” scams, have been seen as a growing area of concern within crypto. A United Kingdom investigation published on Jan. 29 found that half of all crypto companies involved with scams in the state were linked to pig-butchering scams.
NFTs have become a popular way to promote, sell, and trade digital assets. Many companies are turning to NFT marketing agencies to help them create, promote, and sell their NFTs on platforms such as Twitter.
NFT marketing agencies are able to help companies create effective campaigns that will reach their target audience and help them maximize their sales. They can also provide valuable insight into the latest trends in the NFT space, as well as help companies create strategies to increase their visibility and sales.
NFT marketing agencies can also help companies understand the various regulations and laws related to selling NFTs, as well as provide guidance on how to comply with them. They can also help companies create effective marketing plans to promote their NFTs and increase their sales.
In addition to helping companies create effective campaigns, NFT marketing agencies can also help them build relationships with influencers and other key players in the NFT space. This can help companies increase their visibility and reach a larger audience.
The web3 space is rapidly evolving and companies need to stay ahead of the curve to ensure their success. Working with an experienced NFT marketing agency can help companies create effective campaigns, reach their target audience, and maximize their sales.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
