Feb 17, 2023

Romance Scams Stay Immune to Crypto Price Falls

Cryptocurrency scams saw a significant downturn in 2022, with total scam revenue for the year amounting to $5.9 billion — down 46% from 2021. This decrease was largely attributed to the decline in crypto asset prices, with most scam types correlating with the price of Bitcoin.

However, two types of scams managed to remain relatively unaffected by the price drops — romance scams and giveaway scams. Chainalysis, the data firm who released the crime report, explained that these scams aren’t necessarily playing to greed, but rather to the victim’s compassion.

Romance scams, while having lower overall revenue as a category, 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.

These scams typically involve building a relationship with the victim, and convincing them that they need their help. The scammers are often successful 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.

In fact, 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.

Given the prevalence of these scams, it’s important for crypto users to be aware of the risks and to take steps to protect themselves.

One way to do this is to use a reputable web3 agency or NFT marketing agency to help promote and sell NFTs. These agencies can help ensure that the NFTs are marketed properly and that buyers are aware of the risks.

They can also provide advice on how to avoid falling victim to a scam, such as not sharing personal information with strangers and not making any payments until the NFT is verified.

Crypto users should also be aware of the warning signs of a scam, such as promises of guaranteed returns or requests for payments in advance.

By following these tips, crypto users can protect themselves from falling victim to a scam and can help to reduce the amount of scam revenue in the crypto space.

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.