Feb 18, 2023
Romance Scams Stay Immune as Crypto Scam Revenue Slashed by 46% in 2022
Cryptocurrency scam revenue saw a significant drop in 2022, with total losses amounting to $5.9 billion—a 46% decrease from the previous year. This was largely attributed to the bearish crypto asset market, as lower prices tend to result in lower scam performance.
However, two scam types were able to remain relatively unscathed by the market downturn: romance scams and giveaway scams. According to a crime report from Chainalysis, these scams were not positively correlated with Bitcoin’s price, unlike other types of scams.
Romance scams, though having a smaller overall revenue, had the highest average victim deposit size in the year, with victims losing an average of $16,000. This type of scam typically involves building a relationship with the victim and convincing them that they need help. Chainalysis noted that these scams are likely to remain prevalent when crypto prices are down, as they appeal to the victim’s compassion rather than their greed.
Pig-butchering scams, a form of romance scam, have been identified as a growing area of concern within the crypto space. A UK investigation published in January found that half of all crypto companies involved with scams in the state were linked to pig-butchering scams.
As the crypto space continues to grow, so too do the number of scams. Crypto users should take extra precautions when investing, and should be aware of the different scam types, especially romance scams. For those looking to promote their NFTs, there are several options available, such as Twitter NFT marketing, NFT marketing agencies, and web3 agencies. Selling NFTs can be a lucrative venture, but it’s important to ensure that the right measures are taken to protect oneself from scams.
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.
