Feb 17, 2023
Romance Scams Thrive Despite Crypto Price Drop
Crypto scams have taken a big hit in 2022, with the total revenue amounting to $5.9 billion — down 46% from 2021. This is mainly due to the declining crypto asset prices, but two types of scams have managed to stay immune to the price falls.
According to a Feb. 16 crime report from Chainalysis, the two scam types that have been relatively unaffected by the crypto price drops are romance scams and giveaway scams.
Yearly crypto scam revenues from 2017-2022. Source: Chainalysis.
Romance scams, while having lower overall revenue as a category, have the highest average victim deposit size in the year — with the average victim losing just under $16,000. These scams usually involve building a relationship with the victim, with the scammer convincing them that they need their help.
Chainalysis believes that these scam types are least likely to be affected by the crypto prices because it plays to the victim’s 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.
Pig-butchering scams, a sub-category of romance scams, have been particularly concerning for crypto users. 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.
To protect themselves from scams, crypto users should be aware of the various types of scams and take measures to protect themselves. This includes not responding to unsolicited offers or requests for money, not sharing personal or financial information with anyone, and not investing in projects they are not familiar with.
In addition, crypto users should also be aware of the various NFT promotion and marketing opportunities available. NFT promotion and marketing can be a great way to increase exposure and generate more sales for an NFT project.
For instance, Twitter NFT marketing is becoming increasingly popular, with many NFT projects turning to Twitter to promote their projects and reach potential buyers. There are also NFT marketing agencies that specialize in helping NFT projects to promote and sell their NFTs.
By taking the necessary precautions and utilizing the right NFT marketing strategies, crypto users can help ensure that their NFT projects are successful and that their investments are safe 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.
